Solutions for the Transfer, Management, Administration and Termination of Commercial Run-Off Business
1996 to 2000 – Worked on assignment with Swiss Re to develop run-off transactions
1997 – Current – Migrated & Consolidated the Texas State Worker’s Comp administration functions into its central WC administration facility in Austin, Texas – currently manages the orderly runoff of $1.2 billion in WC liability.
1998 – Sourced the Stronghold Insurance Company in the UK for Swiss Re
1999 – Current – the members of International Solutions, Inc. together with certain other investors purchased General Accident Insurance Company of Puerto Rico (GAPRI). GAPRI was a major multi-line property and casualty insurance underwriter in Puerto Rico and the Virgin Islands. The parent company, General Accident – Perth, Scotland (GA) made a strategic decision in 1997 to exit the Puerto Rico Insurance Market. IS members arranged a $150 million reinsurance contract through a Swiss Re subsidiary. Subsequently, the IS members purchased the Puerto Rico Insurance Company from GA. This transaction allowed GA to release $40 million of capital from Puerto Rico to re-deploy elsewhere. The Puerto Rico Insurance Department approved the acquisition, reinsurance contract, runoff plan and special dividend requirements with very few modifications, as presented by IS members. International Solutions is currently overseeing the orderly liquidation of GAPRI.
2002 – 2005 – IS took over the management of the Associated Accident & Health Reinsurance Underwriters (AAHRU) Pool consisting of 36 major health and workers’ compensation reinsurers in July of 2002 and managed the run-off of this book of business with gross reserves of nearly one half billion dollars. IS managed all fiduciary responsibilities, financial reporting requirements, external contract audit assignments and commutation negotiations on behalf of the pool members. IS has completed 36 commutations since July, 2002 on over $100 million dollars of gross exposures at a savings of nearly 50% on these assumed exposures. This large and complicated pool program was migrated from Pennsylvania to Florida in three months.
2009-2011 – IS conducted a review of Penn Treaty’s long term care operations being responsible for the on-site due diligence. IS has particular expertise in long term care run-off situations.
2009-2012—IS assisted the Investor Group that acquired Shenandoah Life, a troubled mutual life insurance company, being responsible for the on-site due diligence. Shenandoah Life was demutualized as part of a change in control in May, 2012.
2013-2014 – IS assisted in the Investor Group that demutualized SBLI New York.
2013- Current – IS has taken over the run-off administration of Smart Insurance Company