Recently I spoke at the American College of Coverage Counsel 10th Annual Meeting (“ACCC”) in Chicago.
I was part of a panel discussion: “Navigating Insurer Insolvency: When an Insurer’s Insolvency Hands You a Lemon, Make Lemonade.” My co-panelists were Kim K. Winter of Lathrop GPM LLP and Ned Currie of Currie, Johnson & Myers, P.A.
This was my first time attending the ACCC annual meeting. I found the opportunity to meet and learn from so many distinguished insurance coverage attorneys enriching and informative. KCIC was proud to sponsor the conference again this year.
My panel gave context and practical tips for dealing with insurer insolvencies and state guaranty funds. It remains a timely topic given the recent Bedivere liquidation and the looming specter of an Arrowood insolvency. We used many of the tips shared in our work with Bedivere and other recent insolvencies, including the Stronghold U.K. scheme of arrangement.
Key takeaways from the panel include:
I also appreciated learning more from my co-panelists about broker liability when an insurer goes insolvent and about reinsurance cut-through clauses that some states now require.
Emerging torts like opioids, polyfluoroalkyl substances (PFAS), coal ash, and sex abuse claims (to name a few) may imperil more insurance companies going forward. KCIC will continue to monitor and report on US and UK insolvencies and advise of upcoming deadlines – stay tuned!
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Nick Sochurek has extensive experience in leading complex insurance policy reviews and analysis for a variety of corporate policyholders using relational database technology.Learn More About Nicholas