AIRROC's The Legacy Life

Joining us in episode 7 is Andrew Rothseid, Partner and Head of Legacy Solutions at Gallagher Re. Andy describes his career path as being "far from a straight line." He notes that working runoff initially took a leap of faith. "I took a year to decide to move from being a private practice lawyer to work in legacy because I didn’t understand the concept of going to work for a business whose 'business' was 'going out of business.' That was in 1993, and I have been gainfully employed since that time." From handling complex coverage litigation, to managing runoff programs in the US and UK, to drafting regulations, to consulting and to his new role at Gallagher Re, Andy’s career highlights just some of the many opportunities available to bright and talented young professionals interested in the legacy space.   

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html 

Rich Seelinger, CEO and Chief Claims Officer of Enstar US, stops by to discuss his career and Enstar’s role as a global legacy management specialist.

Like so many others, Rich joined Enstar as the result of an acquisition. He came aboard Enstar as the Senior Vice President in charge of workers compensation claims and ultimately became the CEO of Enstar US in October 2020. “It’s really been just a remarkable ride in a relatively short period of time. I’ve had the opportunity to immerse myself in the legacy space, learn an entirely new set of skills, work with some very bright and talented professionals, and I have to say I’ve enjoyed it immensely.”

Rich offers a lot of good advice for young professionals in this episode. We won’t give it all away in this summary, but we will say that one thing that worked particularly well for him was to find a mentor. “It doesn’t necessarily have to be somebody within your own functional area,” he says, “but find somebody who you respect, who you think you can learn from, who might be able to provide you with guidance along your career development path.”

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html 

Leah Spivey, Head of Claims Runoff Solutions at Munich Re, joins us in episode 5 to discuss her career in legacy claims. Early in her career, Leah found herself in a position many young professionals can relate to today. She had zero work-life balance, no autonomy and no work product she could call her own. After answering an ad for a job in an insurance claims department, she found what she was looking for and never looked back: “I think anywhere in the insurance industry…most [jobs] allow you to take a task or a project from the beginning of it to the end, and that is your work product. Whereas in many other fields, you’re doing or you’re assisting someone else in their work... I wanted some sense of autonomy or independence and the insurance industry allowed me to do that.” 

Today, Leah leads a team of multidisciplinary professionals at Munich Re who work together to understand the impact of the company’s legacy liabilities and to develop optimal exit solutions for those liabilities. She notes that there is a continuing need in the insurance industry, legacy or otherwise, for people of diverse backgrounds and perspectives: “…[T]he industry continues to need creativity, it needs a lot of energy, and just different ways of doing business.”

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html 

Bill Bouvier stops by to discuss his career in the legacy space. As the Director of Assumed Reinsurance at RiverStone, Bill is responsible for managing and developing a team of assumed claim handlers. As part of that development, Bill believes in the importance of creating connections: "People like myself...need to bring the younger people to...meetings, seminars and hearings and introduce them to everybody that they know in the industry." He also discusses the value of empowering his claim handlers to take the lead on their more complex claims rather than relying on more senior people to handle them.

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html 

Marcus Doran, Senior Director of Commutations and Reinsurance Finance at AIG, stops by to discuss his legacy career. Marcus also provides his theories on why the insurance industry has such a difficult time attracting young talent: "It's just bad marketing." He notes that the insurance industry is dynamic, fast-moving, fast-paced and that new products are constantly being developed to meet the needs of an ever-changing world. However, these exciting characteristics are often overlooked in recruitment efforts. "It kind of rests with each of us as individuals" he says, "to be representatives and ambassadors of both insurance/reinsurance and...the legacy market in and of itself."

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html 

Paul Corver stops by to discuss his career in the legacy space. As the Head of Legacy M&A at R&Q, he reviews potential legacy acquisitions in all shapes and sizes from around the world. "...[E]very deal is different," he says while discussing how young professionals could benefit from being in the space. "You could be looking at a portfolio of U.S. General Liability one minute. It could then be French worker's compensation. It could then be a Bermudan captive. It could be an Isle of Man of captive. So many different opportunities. So many different exposures into classes of business that you do develop a very broad knowledge of the industry."

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html 

Come join us for a conversation with recently retired Peter Scarpato, formerly a Senior Collections Officer of Ceded Reinsurance at ACE Brandywine. Like so many of us, Peter kind of fell into a career in runoff reinsurance. While working as an attorney, a friend working in reinsurance approached Peter and said his company needed lawyers. “Well, I’ve done insurance. What’s reinsurance?” Peter remembers asking. “Oh, it’s the same thing. It’s easy!” his friend had replied. Upon reflection, Peter thinks that his friend may have been exaggerating a bit. We agree!

During his career, Peter had many different roles in the legacy space. He discusses his ten years spent as an arbitrator and his time working with AIRROC. He also offers some simple, straightforward advice for any young professionals interested in legacy business. 

This podcast is brought to you by AIRROC, the ONLY U.S. organization dedicated to insurance and reinsurance companies with legacy business in their portfolios. We serve as the convening hub of the legacy market, bringing companies together to advance transactions, share expertise, develop leaders, and strengthen the industry. Learn more about what we do at AIRROC.org or https://www.airroc.org/

Find more information about AIRROC NextGen at https://www.airroc.org/nextgen.html