对美国财产/意外破产保险公司决议制度的观察

The Geneva Associationthe Geneva Association is the leading international insurance think tank for strategically important insurance and riskthe Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or whichinfluence the insurance sector.through the development of research programmes, regular publications and the organisationof international meetings,the Geneva Association serves as a catalyst for progress in the understanding of risk and insurancematters and acts as an information creator and disseminator.it is the leading voice of the largest insurance groups worldwidein the dialogue with international institutions.in parallel, it advances—in economic and cultural terms—the development andapplication of risk management and the understanding of uncertainty in the modern economy.the Geneva Association membership comprises a statutory maximum of 90 chief executive officers (ceos) from the world’stop insurance and reinsurance companies.it organises international expert networks and manages discussion platforms forsenior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations.established in 1973,the Geneva Association, officially the “international Association for thestudy ofinsuranceeconomics”,has offices in Zurich,switzerland and is a non-profit organisation funded by its members. management issues. www.genevaassociation.org@TheGenevaAssocObservations on the U.S. Resolution Systemfor Property/Casualty Insolvent Insurers:The Lumbermens Mutual Group Case StudyA GenevAAssociAtion reseArchreportWritten by John K.conway, James W.schacht and Kennethr. Wylie*edited byetti Baranoff,research Director,insurance and Finance,the Geneva Association*the authors John K.conway, James W.schacht and Kennethr. Wylie each served as legal counsel or consultant to the Lumbermens MutualGroup (LMG) before and during the run-off.they were closely involved in the operations of LMG and the issues facing LMG in the course of itsrun-off.the factual information provided in this case study was obtained from public and/or non-confidential sources.the opinions expressedand conclusions reached are those of the authors only and are based on their close experience with LMG and with the general subject matter ofthis research report, and not of any organisations with which they were or are affiliated.the authors wish to thank Lynneprescotthepler,seniorManaging Director oftheschacht Group,inc., for her insights and contributions to the preparation of this research report. 2observations on the u.s. resolution system for property/casualty insolvent insurers: The lumbermens mutual Group case studythetalstrasse 70,ch-8001 Zurich |tel:+41 44 200 49 00 | Fax: +41 44 200 49 99secretariat@genevaassociation.orgwww.genevaassociation.orgcover Fotolia©Bluebay2014Observations on the U.S. Resolution System for Property/Casualty Insolvent Insurers: The Lumbermens Mutual Group Case Studypublished bythe Geneva Association (theinternational Association for thestudy ofinsuranceeconomics), Zurich.the opinions expressed inthe Geneva Association publications are the responsibility of the authors. We therefore disclaim all liabilityand responsibility arising from such materials by any third parties.Download the electronic version from www.genevaassociation.org photo credit:April 2016©the Geneva Association www.genevaassociation.org5foreword7execuTive summAry11part 1—u.s. properTy/cAsuAlTy insolvenciesAnd resoluTion sysTem11U.s.p/cinsurance markets and insolvencies12p/cmarket mechanism—underwriting cycles13U.s.p/cresolution process: the nature of U.s. insurance receiverships17part 2—AcAse sTudy:The resoluTion of lumbermens17Lumbermens from 1990 to 201218LMG’s growth and risk profile19Distress leads to demand for capital (and deleveraging)—a definitive solution is needed22the downgrade necessitated a rapid move into run-off27Formal 2004 run-off plan for orderly resolution30continued regulatory oversight, in llinois and nationwide31results of wind-down32Assessment of size, interconnectedness and substitution33summary of run-off33receivership35concluding thoughts37part 3—insiGhTsAnd lessons leArned39references41noTes onTheAuThorsconTenTs www.genevaassociation.orgforewordthe Geneva Association, a think tank for the global insurance industry, hasproduced numerous studies providing research insights on issues of insurance andfinancial stability.one such issue was the resolution of troubled insurers, whichwas examined in detail inthe Geneva Association’sInsurance and Resolution inLight of the Systemic Risk Debate(February 2012) on the basis of specific insurerinsolvency case studies.in this research report, we examine the process of resolution of property/casualty(p/c) insolvencies in the Unitedstates through its state receivership system andpresent a detailed case study of the decade-long wind-down of LumbermensMutual Group (LMG).this research report builds upon our