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In 2014, a team at TigerRisk Partners L.L.C. sat down to figure out what the “Insurer of the Future” would be looking for from their reinsurance intermediaries.
One thing that seemed clear was that most insurers would not want to be laden with large, long-tail liability exposures, said Rod Fox, CEO of the Stamford, Connecticut-based reinsurance brokerage.
“We don’t think that the insurer of the future is going to stack up decades of long-tail liabilities on their balance sheets,” he said.
Insurers will want to find alternative ways to deal with the exposure for various reasons, Mr. Fox said, including freeing up capital, reducing volatility in reserves and accessing specialty claims expertise.
To offer insurers options for dealing with the issue, TigerRisk created a specialized broking team to advise clients and offer solutions on loss portfolio transfers and adverse development coverage.
In short order, TigerRisk acted as a broker on a series of liability shedding deals ranging from $6 billion to $50 billion over the next three years, Mr. Fox said.
Typically, the engagements begin with establishing an insurer’s objectives and overlaying reinsurers’ appetite for the business and then considering variables such as capital charges, quality of reserves, duration of reserves, lines of business and investment parameters. TigerRisk then uses proprietary models and their expertise to craft solutions, Mr. Fox said.
“These are not easy to put together, but we’ve executed on some very significant, market-leading transactions and we understand the process,” he said.
For its efforts in securing long-tail liability solutions for its clients, the TigerRisk loss portfolio transfer/adverse development coverage team was voted the Reinsurance Team of the Year Award in Business Insurance’s 2018 U.S. Insurance Awards.
• Aon P.L.C.
• Axis Re, the reinsurance unit of Axis Capital Holdings Ltd.
• J. Allan Hall & Associates Inc.
Business Insurance recognized achievements by outstanding executives and teams of professionals working in the field of risk management and commercial insurance at its inaugural U.S. Insurance Awards presentation in New York on March 8.