Richard Burrows, IRLA Director and YPG Chairman, has been presented with the IRLA Future Leaders Award 2023.
Richard, from Weightmans, has been acknowledged for being a ‘pleasure to work with’, and for ‘setting an example to all.”
Based in Liverpool, Richard is also involved in the ‘Merseyside Young Professionals’ and is valued by his colleagues and clients.
Outside of work, he is a keen runner and recently completed the London Marathon, smashing his three hour target and raising thousands of pounds for charity.
Watch this space for a forthcoming podcast conversation with Richard.
DARAG and DGTAL have announced a three year partnership, implementing AI tool, DRILLER.
The agreement entails legacy portfolios with open claims as well as future acquisitions.
DRILLER is the first AI software that understands the content of claims documents and enables real time analysis and valuation of claims portfolios.
It will enable DARAG to assess insurance portfolios much faster and more accurately, thus delivering a competitive edge in the pricing of portfolios and in the settlement of claims.
Focusing solely on insurance and having started three years ago, DGTAL is significantly advanced in providing AI that trains and uses Long Language Models (LLMs) such as GPT at scale for the industry.
DGTAL has been established jointly by deep-tech and insurance experts.
Tom Booth, CEO, DARAG Group, said: “Combining our transaction experience with AI will cement DARAG’s leading position in the legacy market in Europe.
“It also offers potential benefits for our global operations in the future.
“DGTAL is the only relevant deep technology provider with insurance DNA, making them a natural fit for us, and we look forward to developing this partnership to the benefit of our clients.”
Arndt Gossmann, CEO of DGTAL said “Signing the first long-term agreement straight with a leader is a great validation of what we do. It is fascinating to understand the opportunities that AI creates for insurance, as it helps assess and understand the huge amounts of available information much better than ever before, leading to informed decisions. Early AI adopters are bound to capitalize the most.”
PWC have published their 2023 Q1 update of non-life insurance run-off deals.
It provides an overview of transaction activity, including a list of publicly announced deals.
11 deals announced in Q1 2023 with approximately $6.7bn of estimated gross liabilities being transacted.
Three of the deals announced comprise the transfer of more than $1bn of reserves each and approximately $4.7bn in aggregate.
Eight transactions in Q1 2023 included Lloyd’s syndicate business.
Full detail can be found here: Non-life insurance run-off deals review Q1 2023 – PwC UK
Global Legacy Claims Conference
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As we move ever closer to this year’s IRLA Congress event, we hear from Steven Goate, of Davies Group. He shares his thoughts on what delegates can expect to be the big topics of conversation, and how professionals can make the most of this perfect stage for networking and information gathering.
“The success of the event and the forward planning required could not have envisaged the death of Her Majesty the Queen, and the opening of the congress will take place on the bank holiday set as side to celebrate the coronation of His Majesty Charles III. The question for delegates is whether they will eat into the bank holiday to attend both days.
Whatever they decide it is clear when they arrive the message will be that the market remains buoyant particularly for those companies who continue to look to acquire portfolios and business. Lloyd’s remains a very attractive market for companies and the activity in Lime Street over the past year has continued to increase.
The US remains a positive place in which to do business and Europe has started to open up to companies. Asia, given the need for strong and lengthy relationships to be built, is not seeing a great deal of movement but there are few who believe that it will be dormant in the years to come.
Such has been the activity by the acquiring companies there may well be discussion over whether we are set to enter a period of consolidation, given the past year has seen growth by the established companies augmented by the arrival of new entrants keen to make their mark.
The legacy market has been in good shape, and we are seeing increasing numbers of A rated markets that are actively reviewing their portfolios and looking to dispose of their legacy business. Increasingly the view of what is deemed to be a legacy book is switching from the likes of the long tail asbestos risks, into quite simply books of business that the underwriters are no longer interested in writing and may not come with long tail or distressed exposure levels.
Regulation is bound to be discussed as the UK and USA continue to refine and define how they envisage the market and its operations.
The US has seen some significant movement in the past year with a number of states repealing the statute of limitation on a range of claims. It has created a situation where the market is already paying claims in areas such as historical sexual abuse, with the claims against the Boy Scouts of America a high profile example, and we are seeing a rising number of personal injury claims for sports related head injuries and the long term damage they have caused, to professional and amateur American football players alike.
There is also likely to be significant discussion around the new risks the market faces with cyber cover and its implications high on the agenda. The live market is still wrestling with its approach to cyber risks and the legacy market must be prepared for the challenges and opportunities it will bring in the future.
As with last year we have seen a greater involvement of the major (re)insurance brokers who are increasingly being asked to look at new ways of mitigating legacy risks and are now playing an ever more active role in the sector. Many have formed dedicated legacy units and they recognise the role they can play in identifying and facilitating new deals.
However, as the IRLA agenda highlights while the future for legacy and run off business is increasingly secure it cannot be said for those that are tasked with executing it.
There are greater efforts being made to attract new young talent to the sector and the buoyant nature of the market is sure to aid the market in highlighting the opportunities that the legacy sector can provide, and the dynamic nature of the market and the roles within it.
The industry has always faced a fight to attract talented young people and within the industry there is now a collective agreement that the legacy market needs to better highlight the rewards that a career in the runoff sector can deliver. That includes the need to promote greater diversity, bringing with it different perspectives and a wider skill base.
For Davies, our role continues to work with clients across the legacy sector to provide support and services. For many of the new investors they have the capital but not the staff to manage the investment once the deal has been completed, and all too often the books acquired do not come with the staff needed to operate them. This is where our expertise can provide solutions, particularly around the back office and collection capabilities.
As one of the sponsors of the congress we have the opportunity to provide a view on the market and one area which is likely to feature heavily in years to come is legacy issues around the MGA sector. As the MGA market matures the debate around run off and legacy books has increased, and I believe we are likely to see the MGA opportunities discussed in greater detail this Congress and beyond.
The legacy we leave will be how well we have been able to address those opportunities and created a supply chain of talent that will see the sector thrive in years to come.”
*Steven Goate is Managing Director of Davies Insurance Services
Huge congratulations go to three IRLA members, who have completed this year’s London Marathon, and raised thousands of pounds in the process.
Richard Burrows, our YPG Chairman, completed the challenging race in 2.57.07.
He has already raised over £2,000 for the National Autistic Society.
Also competing was Chris Woolener, who completed the race in 3.01.08.
Meanwhile, Neil Sutton, of QBE, was raising funds for Save the Children, and completed the marathon in 4.31.51.
Richard said after the event that he was ‘delighted’ with his result, and is now gearing up to take part in the Chicago Marathon later this year.
He commented: “I am so pleased (and relieved!) to have completed this year’s London Marathon, especially in the time which I have done, which was even better than I could have hoped for.
“I am also proud to have raised such a great amount for The National Autistic Society.”
If you’d still like to donate toward the funding efforts of our runners, check out the links below:
It’s been another busy and highly sociable week for the members of IRLA.
This week we held the latest wine tasting event in London – our third such activity for members,
We’re delighted with how well received this event was, and are grateful for all the fabulous and positive feedback.
On the night – which followed two other events in the capital that day for IRLA – we were treated to some fabulous wines – and sharing platters – and even had the special opportunity to celebrate Jenny’s birthday with her!
Our next event of this type is on 29th June and we very much look forward to seeing more of you for that occasion.
Please do book to secure your place asap, and continue to share with us any other ideas you have for future social occasions.
Our latest podcast episode is now live, providing another opportunity to hear a personal perspective on IRLA, its recent successes, and its future strategy.
This time, we’re chatting to Liam Bedford.
He shares his views on the benefits of IRLA membership, and talks about his aspirations for the Academy, in light of his new role.
Liam also shares some great advice for those attending Congress for the first time.
Take a listen.
Liam Bedford Discusses a New IRLA Era by IRLA – The Voice of Legacy (spotify.com)
IRLA has today confirmed the structure of its new board for 2023/24.
Succession planning began towards the end of 2022, and now sees three long-time members stepping down from board posts, with four new appointees.
Those joining the board are representative of a large breadth of organisations from within the sector, bringing a deep level of experience and knowledge across both the UK and international activity.
From 1 April, the newly appointed directors will be as follows:
Richard Burrows from Weightmans LLP.
Heavily involved with IRLA since 2017, Richard is a Liverpool-based lawyer and will continue to have a keen interest in the young professionals element of the organisation, serving as Chairman of YPG.
Adam Horridge from Swiss Re.
Singapore-based, Adam is a transaction specialist and was formerly Chairman of YPG, as well as having previously won the accolade of Young Professional of the Year.
Liam Bedford from Kennedys LLP.
A barrister, and based in Leeds, Liam won the Young Professional of the Year Award in 2021. He will be heavily involved in the future pathway of the academy programme.
Gian Luigi di Franco from Riverstone.
Recently qualified as a lawyer, Gian Luigi is based in Ipswich and is an in-house solicitor who also served as Deputy Chairman of YPG until 2021.
He is currently Company Secretary of the Legacy Claims Committee (“LCL”) and will also become a director of LCL.
From 1 April, those departing their positions, are:
Paul Corver, who is well known in the sector and a former Chairman of IRLA for 11 years. He is now set to embark on retirement after a number of decades in legacy.
Mark Everiss has been serving as IRLA’s Company Secretary for 15 years, and will be standing down in this current phase of board transition. He will continue to be closely involved in the market as he takes on his Partner role at Eversheds Sutherland.
Stephen Roberts, immediate past chairman and director of claims at Riverstone, leaves IRLA after 7 years. Stephen’s interest in the provision of professional training for IRLA members and his efforts in getting the IRLA Legacy handbook published will be long remembered.
Commenting on the changes in board structure, Kevin Gill, current IRLA Chairman, said: “IRLA is enormously grateful for the contribution and leadership that Paul, Stephen and Mark have provided to the Association over many years and to the industry more broadly.
“The board is excited to welcome the new board members, who will each bring a fresh dimension. We look forward to working with them to further evolve the Association.”
IRLA itself has another busy year ahead, with a fully booked Congress set to take place in Brighton at the start of May.
The organisation’s membership level currently exceeds 105 corporate members, and spans organisations from sole traders to global businesses which have hundreds of staff focused on legacy management.
Later this year IRLA will celebrate its 25th anniversary, having been founded in 1999 by a few determined individuals who had a desire to better serve the interests and intentions of legacy professionals.
IRLA is highly committed to charitable endeavours and to supporting the wellbeing of those actively employed in the legacy insurance and reinsurance field.
We’re pleased to share the news that the IRLA Podcast is now live, with our first episode featuring a chat with Paul Corver.
It has been an ambition and intention of IRLA for some time, to feature more conversations with our members, and to provide the opportunity for our network to hear about the contribution made by individuals in the sector.
We’re sure you’ll agree that a podcast is a great step for us as a membership organisation, and we very much hope and anticipate that we’ll receive suggestions and requests, regarding possible interviewees for the months ahead.
In this particular episode, Paul shares information about his own career, whilst also talking about IRLA and its journey over recent years.
Do please take a listen to the episode, which you can find on the likes of Spotify, and Apple.
This link takes you direct to the conversation: https://podcasters.spotify.com/pod/show/IRLA-podcast
If you’d like to be among the first to put yourself forward for a future episode, or you want to suggest who we might be in conversation with next, please feel free to contact our communications team.
You can directly email Deborah, on firstname.lastname@example.org. She will be collating interviewee requests and lining them up for recordings in the weeks ahead.
Our sell-out Crazy Golf event proved a great success this week, when it was held on Tuesday evening at Swingers, in the city.
The IRLA team extends its congratulations to Baljit Goraya FCA ACII and John Baker who were proclaimed the winners on the night.
We’ve already been receiving your positive feedback on this social occasion, and very much intend to host another as part of our forthcoming schedule of activites.
Thank you to all who attended, and if you weren’t able to join us, please do make sure you keep an eye on the events section of our website for future opportunities to get involved.
Our social activities are a fabulous way to meet with sector colleagues and make new friends.
The clock is ticking on your opportunity to nominate someone for the IRLA Young Professional of the Year Award.
This prestigious honour acknowledges a person who has really shown great promise or success throughout the previous year.
They may be someone who is already achieving outstanding outcomes in the legacy market.
They might deserve recognition for outstanding customer service.
They could stand out as a person who is truly ‘one to watch’ in terms of future leadership potential.
In 2022, IRLA applauded Nicola Gaisford with this great accolade. She was selected by judges as someone who stood out to clients and colleagues alike, for always going ‘above and beyond’.
This year, you’ve got until 13th April to submit your nomination, and the award will be presented at Congress on 9th May.
Submitting a nomination is really easy. You only have to write an entry of up to 250 words, detailing why you think that person deserves the honour.
Click here, to see the form: https://www.irla-international.com/wp-content/uploads/2022/05/IRLA-Young-Professional-of-the-Year-nomination-form.pdf
IRLA is delighted to welcome new member organisation, BFRC – Black Forest ReInsurance Consulting.
Speaking of the decision to join IRLA, managing director Jens Ziser has been sharing a little about the business, and explaining why it feels like the right time to become part of our thriving membership.
“Since its foundation in 2020, Black Forest ReInsurance Consulting GmbH (BFRC) provides solutions related to non-life runoff across Europe, as well as customized solutions to minimize risk, and increase efficiency for insurance companies, reinsurers, and captives.
Based in the beautiful hills of the Black Forrest in Germany, BFRC develops Exit Solution solutions for R&Q, while also consulting insurers, reinsurers and captives on non-life Legacy portfolio challenges.
Thanks to their experience in M&A transactions and in-depth knowledge and experience in the field of non-life underwriting and M&A transactions, the expert team has already been able to convince major market players to become their clients.
BFRC’s people have known IRLA for many years and appreciate the large network as well as the exchange on legacy topics.
BFRC looks forward to exchanging ideas with other IRLA members on market issues and identifying opportunities for cooperation where appropriate.”
We welcome Jens and the team, and look forward to hearing more about BFRC throughout 2023.
If you’re a new or recently joined member, and want to share information about your motivations for joining, or just tell us more about what you have planned for the year ahead, please email our communications team. Reach out to Debbie on email@example.com
Members from around the UK and across the globe joined us for our latest wine-tasting event in London.
This was the second of three such occasions planned for IRLA members, and it was another great hit.
The Wine Library were superb hosts to us, and picked some terrific tasters, accompanied by great sharing platters.
Please do consider joining us for an event like this in the future.
You can keep an eye on our linkedin feed, or visit the events section of the website.
IRLA Congress 2023 is fast approaching, and takes place between 8th and 10th May.
Places for ‘Conference Only’ (not including B&B) remain for sale, but you’ll have to be quick if you want to secure a slot!
We now have just 20 tickets left.
We already have a great line-up of speakers, and a full and final programme for Tuesday 9th and Wednesday 10th May will be available in due course.
So far, we can reveal that our contributors include:
Peter Stone, Chief Strategy Officer of Sionic – a Davies company. He’ll be talking about talent and succession.
Our Tuesday opening speaker is Liz Martins, Senior Economist at HSBC Bank.
Catalina Sugayan, Partner, Clyde & Co, Chicago, will be guiding us through the latest in abuse cases in the US.
What else can you expect?
Regulators from several domiciles will be joining us to consider communication and support within the industry and update us on their recent papers.
Romy Comiter, FTI Consulting, will again lead a panel that considers the important question of ‘is risk keeping up with the science’?
There will also be discussion on the permacrisis and culture failings, along with capital management, as well as debating whether legacy has lost its stigma.
Don’t delay – book now.
Go to: https://www.irla-international.com/registration-form/
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We will start 2023 off with some wonderful news. We have received a certificate from National Autistic Society showing the final amount that we had raised this year. Thank you to all our members that helped raise this.
If you have any suggestions for IRLA’s chosen charity in 2023, please submit your proposed name with a brief reason why to secretariat
We have individual places for the IRLA or IRLA YPG tables left for the Annual Quiz on 19 January. If you would like to come along and test your knowledge please email Catherine....More
Despite the UK Bank Holiday on Monday, Congress will be open for all delegates who have booked and would like to attend. We will be open from 10:00.
Ahead of the confirmation ticket and brochure that each delegate will receive, here is some early detail on the programme:
10:00 All meeting rooms will be open and delegates are welcome to come along to work alone or with clients. There are also private meeting rooms that can be booked, (click here) but there is plenty of free space for confidentiality to be observed.
10:30 We visit Albourne Vineyard for a tour and tasting followed by lunch. A vintage bus will collect guests from outside the hotel and leave the vineyard at 13:30. You can register here for your place (subject to places) at a cost of £30.
13:15 There will be a buffet lunch open to all.
14:30 – 16:15 A breakout considering the worldwide legal and insurance history of abuse claims. As with previous years’ sessions, this one will have limited seating and will start with a film and a Q&A, followed by a presentation and discussion of the litigation history of abuse. A good primer for anyone who has any working involvement with abuse cases.
16:30 An interview with a market expert regarding talent and leadership career paths. This will be filmed for later access.
18:00 Informal reception of drinks and canapes in the Victoria Lounge, Grand Hotel, with delegates leaving for their own dinner engagements after.
From 20:00 the Regent Room will have karaoke which will overspill into the Victoria Lounge. All are welcome.
As The Grand Hotel is fully booked, we can offer a discount code for the Leonardo Hotel. This can be found on our website when you book for the conference, or you can contact the office on 07464 113651 or email firstname.lastname@example.org for the code....More
We are proud to announce the current total for this year’s charity is £18725.00. This is a fantastic amount that really will make a huge difference to the NAS (National Autistic Society).
We would like to thank all who donated – big and small.
There is still time to donate – we are accepting donations until November 30, 2022. You can donate here: IRLA International is fundraising for National Autistic Society (justgiving.com)
If you have any suggestions for IRLA’s chosen charity in 2023, please submit your proposed name with a brief reason why to secretariat...More
On 29 September IRLA ran a LinknLearn ‘Re/insurance Legacy Financing Solutions’. This was well attended in person and on-line and this can now be seen on-demand by logging into the Members Area of the website. Passwords for this can be requested from the office.
The link also has the slides and speaker’s bios.
Feel free to submit feedback to the office...More
For the 70 of you that did not have £10 on the night and asked to make an online donation, here is the link.
We would like to especially thank Lauren O’Malley from Enstar for gifting her £250 win back to the NAS, and we thank Gaby Richardson (NAS) for coming along to speak to us.
For those who asked about the autism at work programme that our funds are going towards the link is here. We are hopeful that our final collection total from the Annual Members Dinner will pay for one person with ASD to find work.
We hear that a good night was had, and we will see you again soon...More
With immediate effect the landline number for IRLA has ceased.
All contact numbers for board members and staff can be found on the website, along with email contacts.
For directors – » Who We Are – IRLA (irla-international.com)
For staff – IRLA – Insurance & Reinsurance Legacy Association (irla-international.com)...More
New member HSBC held its inaugural Legacy Dinner and debate earlier this month with a select few invitees and IRLA Director Paul Corver, had this to say –
“Aside from a very pleasant meal it was good to share some informal and personal views of the progress of the legacy market over the last 2-3 years.
The recently updated PwC global survey report was on everyone’s lips but following Liz Martins’s economic review presentation the room was somewhat subdued, but ready to listen to her again at Congress in May 2023.“
You can now book for the conference only by clicking here for the application form. PLEASE NOTE bookings are only held for 28 days and if unpaid in this time will be released with no further reminder....More
If you have any news articles that you think other IRLA members would like to see, please send to email@example.com.
The IRLA website is for you – keep an eye on it! ...More
As part of our ongoing governance review process, we have recently updated the members area of the Association website and added a number of documents. However, we are open to suggestions of what else would be of value to you, please contact us here.
A new password will be given to each member registered separately. If you would like the password, please contact us here. In order to ensure only members, receive this password we will be asking you to confirm your staff names in the next couple of weeks. In some instances, we will also be asking for the Main Contact (if they have changed, or other major changes have taken place, merger, office move, company name, membership category etc) to complete a new membership form.
If we can provide any guidance on our services, please do not hesitate to contact us via email or telephone, we are here Monday to Thursday...More
IRLAASSIA and Singapore Insurance Institute (SII) joined together for an invitation only panel presentation on the 06 October to discuss about ‘Development and Management of In-Force Business’.
Our ambassador Adam Horridge, past YPG Chairman and Young Professional of the Year led the much-delayed F2F session for the introduction of legacy values in Singapore, seen here with other speakers from the event.
If you have any work colleagues or clients who are interested in Asia please feel free to contact us firstname.lastname@example.org....More
This week is National Inclusion Week, it is the annual celebration of togetherness, recognising inclusion in all of its forms. It highlights the importance of inclusive practices, especially within the workplace, to educate business leaders on their role in the quest for equality.
The following links may be of interest.