The range of our services is intended to facilitate the proper, effective management and closure of runoff liability. We work to assist clients in the US, UK and Europe in all aspects of liability transfer mechanisms, including the LIMA transfer process. We work with;
Special-purpose entity organization and administration
Transfer plan negotiation and documentation
Identification and notification of affected parties
Apetrop USA’s leadership team also provides other consulting and advisory services to clients in the insurance and reinsurance sectors, including reinsurance collections, run-off, trapped cash recovery and technical audit services.
Contributions to Legislation
Apetrop USA is pioneering the transfer of closed blocks of insurance and reinsurance business under Vermont's Legacy Insurance Management Act (LIMA). Vermont is already on the leading edge of Insurance Regulatory solutions. When Apetrop USA approached the state with the concept of accommodating the transfer of runoff liability, they were on board. Apetrop USA worked with the Commissioner and the Legislature to draft and pass the Legacy Insurance Management Act in 2014. LIMA represents the first instance of US legislation enabling the transfer of closed blocks of commercial insurance policies, thus creating for the first time a legal and regulatory framework and marketplace for such transfers.
Having succeeded in passing LIMA into law, Apetrop USA saw an opportunity for a similar law in the captive insurance market. Once again, working in partnership with the DFR in Vermont, Apetrop USA drafted the wording for the first law in the world which would accommodate the creation of a new form of captive, which is focused solely on the acquisition and management of runoff liability. Known as the Captive Legacy Transfer Company legislation, a Vermont domiciled captive can acquire portfolios or whole companies which are in runoff – regardless of the current domicile of the seller. This has been submitted.