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FEATURE: Run-off’s next move
19 March 2010
The mood among delegates at this year’s ARC Congress was optimistic. But many of the windfalls the market was expecting a few years ago never materialised.
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“There hasn’t been another A&H or LMX spiral. [The market] will shrink. There will be consolidation. If you are planning a 40 year career in pure run-off it will be very challenging,” one delegate at the Association of Run Off Companies’ (ARC) 2010 Congress told Reactions.
The general mood at the ARC Congress, held at Merchant Taylors’ Hall, London in February, was more optimistic than the gloomy assessment of one delegate. But there is no denying that much of the business that was expected to emerge from continental Europe as firms, previously happy to sweep their dirty business under the carpet, got a grip on their discontinued portfolios has yet to materialise.
In addition, the windfall that many run-off practitioners expected from the financial crisis, as insurers’ investment portfolios took a battering and faced an increase in claims related to the crisis, failed to achieve a real increase...
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