The reinsurance industry is in a period of major transition. Once merely a backstop for regional property and casualty carriers, reinsurers are now major financial institutions providing security for the global economy’s greatest risks. In addition to traditional coverages, reinsurers now assume long-term risks from corporate and municipal retirement funds, guarantee the issuance of state and municipal bonds, provide capital management and risk-based capital relief for carriers and other corporations, and customize risk transfer solutions for self-insureds and other alternative market entities. Moreover, reinsurers increasingly face global exposure and intense international regulatory scrutiny. Companies operating in this ever-changing industry rely on Cozen O’Connor for experienced counsel.
The firm’s clients include domestic, London market, Bermuda, and European insurers and reinsurers. Our experience encompasses all types of reinsurance and every kind of underlying risk. Our lawyers have succeeded in matters involving property damage, asbestos, medical stop loss, business interruption, professional liability, personal accident, professional sports disability, variable annuities, long-term care, workers comp carve-out, as well as clash cover, fronting arrangements, and offshore captives. The firm had a central role in nearly every major loss occurrences affecting the reinsurance industry in the last decade, including 9-11, Deep Water Horizon as well as hurricanes Katrina, Rita, Wilma, and Ike.
Cozen O’Connor attorneys provide sophisticated advice on regulatory and administrative reinsurance matters, both in the U.S. and abroad. We have experience establishing domestic and off-shore captives, preparing and negotiating applications required to obtain regulatory approval for insurance company formations, defending companies subject to examinations and inquiries from departments of insurance regulators, conducting departmental reviews, and assisting cedents with their reinsurance programs.
SERVICE AREAS
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Represent clients in litigation, arbitration, mediation, and administrative regulatory proceedings
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Handle complex, multinational disputes often in coordination with counsel in several countries
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Create, implement, and document reinsurance programs
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Manage reinsurance audit oversight and audit response
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Draft reinsurance treaties and facultative certificates for every type of risk
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Advise on regulatory matters, including credit for reinsurance, reinsurance collateral requirements, solvency requirements, brokerage issues, reinsurance trusts, structuring alternative reinsurance mechanisms, and licensing issues for accredited reinsurers
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Assist with portfolio and bulk risk transfers
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Provide counsel in dealings with statutory liquidators and receivers