April 2008

Amendments to Part VII of the Financial Services and Markets Act 2000 ("FSMA"):

Clarification of the Court's powers in relation to the transfer of reinsurance and other contracts;

Notification of reinsurers whose reinsurance contracts are subject to a Part VII transfer;

Former Underwriting Members of the Lloyd's insurance market;

Timetable for reform.

April 2008

WASA v Lexington: Has recovering from reinsurers become easier?

FSA discussion on new arrangements for Part VII transfer; 

Transfers of insurance business and former Names; 

Implementation of the Reinsurance Directive.

January 2008

• ARC Awards;
• Implementation of the Reinsurance Directive in the UK;
• Issues to look out for under the Reinsurance Directive;
  Deutsche Ruck transfers run-off to the UK.
  

October 2007 

The KPMG /ARC Run-Off Survey - Non-Life Insurance 

This Run-Off Survey analyses the status of the UK non-life insurance market as at the end of 2006, as well as highlighting the latest developments in tools used by run-off specialists: schemes of arrangement and Part VII transfers.

For the first time in this year's Run-Off Survey, a series of interviews were conducted with with leading figures in the UK run-off market, who comment on the recent developments in the sector as well as some of the challenges ahead.

The Survey reveals that 2006 was a year of significant change for the UK non-life run-off market.:

1. The size of the market measured by total liabilities reduced by approximately £5.5 billion (15%) during the period;
2. Total capital tied up in solvent UK non-life companies in run-off is now approximately £4.9 billion;
3. By the end of 2006, total liabilities of UK companies whose entire non-life business was subject to a solvent scheme of arrangement were £418 million, representing more than a threefold increase since 2005;
4. By the end of 2006, a total of 63 solvent schemes by entity had become effective (36 by pool or portfolio taking into account schemes for underwriting pools) and another 27 solvent schemes have so far been sanctioned in 2007 (10 by pool or portfolio);
5. Use of Part VII transfers has increased exponentially, and by the end of 2006 a total of 54 Part VII transfers have been affected for non-life insurance companies since the procedure was introduced in 2001. 

Download Survey PDF 

September 2007

News from Helix 

Helix/AIRROC Panel Discussion - London Market Update

Helix UK Limited in conjunction with AIRROC recently played host to a panel discussion in New York looking at the latest trends and developments in the London run-off market. Some of London's leading experts gave an insight into the key issues of 2007 and beyond. A picture of consolidation, two tier service standards, price hikes and a breakdown of traditional processes were hot on the topical agenda.

Download (pdf)

Summer 2007

News from Helix 

The Deal of the Decade

Speaking in public for the first time since the deal was announced, Equitas Chief Executive Officer Scott Moser addressed the Association of Run-Off Companies (ARC) yearly congress at the Merchant Taylors Hall on 27th February 2007. Mike Palmer reviews the deal and looks at what it means for policyholders, cedents, and the wider market. Mike also looks at what precedent if any, the Equitas secenario sets for tackling Lloyd's open years or post-Equitas run-off issue.

Download (pdf)