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Hanover Stone and Apetrop USA Collaborate to Assist Commercial Insurers & Captives with Long-Tail Liabilities
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NEW YORK, NY and BRATTLEBORO, VT, September 12, 2018 -
Hanover Stone Partners, a risk management services firm with expertise in a broad range of critical risk disciplines, and
Apetrop USA, which provides runoff liability transfer, closure and related services to insurers, captives and reinsurers, have agreed to collaborate on assisting commercial insurers and captives throughout the U.S. with solutions to their long-tail liabilities.
"As commercial insurers, single-parent and group captives look to restructure their risk portfolios, many remain saddled with long-tail liabilities that affect their financial ratings and limit their strategic opportunities for growth and diversification," said John J. Kelly, founder and CEO, Hanover Stone.
"Apetrop USA offers innovative solutions for insurers to transfer long-tail liabilities and achieve full and final closure. They also provide reinsurance archaeology to help captives and commercial insurers obtain recoveries under policies they either overlooked or mistakenly assumed coverage was exhausted or expired. I look forward to working with the Apetrop USA team to bring these timely solutions to our mutual clients."
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"The dynamic risk environment businesses face today has them looking for new and more effective ways to use their captives as insurers continue to sharpen their focus on innovation and growth," said Anna Petropoulos, president and chief executive officer, Apetrop USA. "Our solutions help all these entities cap difficult, long-tail exposures, enabling them to seize new opportunities for growth and product-line expansion. T
ogether, with Hanover Stone, we can help captive owners and insurance companies alike achieve their critical financial objectives and revisit their strategies as they work to manage increasingly complex exposures."
Hanover Stone has more than 50 senior risk advisors and over 30 partner firms, including Apetrop USA.
Together, they offer cost-effective advisory services to help commercial clients address the wide range of complex enterprise risks they face today. Its specialty practice, CaptiveGuardSM, provides governance and related advisory services for captive insurance companies and their parent organizations.
Established in 2010, Apetrop USA provides four core services to insurers and reinsurers, including runoff liability transfer and closure; captive structure and formation; reinsurance collections and audits, and commutation. The firm reviews, analyzes and advises clients on potential avenues for management, closure or outsourcing their portfolios and can introduce acquisition capital for portfolios of $100,000 to $1 billion in outstanding liability per transaction.
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About Apetrop USA
Apetrop USA works with insurers, captives and reinsurers to resolve issues related to runoff liability transfer and closure, reinsurance collections and audits, and commutations support. Established in 2010, the firm helps clients achieve full financial and legal closure on extended claims liability as well as collect reinsurance through reinsurance archaeology and audits. It also provides an array of services to captive insurers, including risk assessment, formation, management, restructuring and closure. The company traces its origins to London-based ApetropUK, which began operations in 2000, and shares the identical business model.
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About Hanover Stone Partners
Hanover Stone Partners is the first network of recognized and accomplished risk management advisors and specialized risk management services firms. The firm assembles multi-disciplinary, cross-industry teams that work collaboratively to help clients identify, analyze, manage and finance enterprise risks. This comprehensive approach offers clients the advantage of superior risk management advice and risk management services, delivered more economically. Hanover Stone Partners evaluates existing risk programs, guides enterprise risk management initiatives, implements new strategies, and provides unbundled services that help clients reduce the total cost and volatility of risk, protect earnings, and preserve liquidity for their enterprises.
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