Run Off Solutions
The primary task of Run Off Solutions (ROS) is to find viable run off solutions that are mutually satisfactory for our solvent (ROS-CAC Team) and insolvent (ROS-CCC Team) business partners of the Hannover Re Group worldwide.
The objectives of the run off activities can be summarised as follows:
- Reduction of reinsurance recoverables
- Reduction of liabilities under inwards business
- Combination of both if business partners are identical
- Commutations are the most meaningful tool to achieve these objectives.
Run Off Solutions has the mandate to negotiate with a defined group of business partners worldwide. We cooperate closely with the business centres and underwriting divisions responsible for the relationship with the respective business partners. We also determine the approach in each individual case. Proceedings will be tailored according to the specific circumstances of each contractual or business relationship.
The ordinary run off of assumed reinsurances will stay with the units that wrote the business. However, business partners in liquidation or in a Solvent Scheme of Arrangement are closely monitored by the credit control unit (ROS-CCC) as to deadlines, claims filings and cash flow.
Additionally, Run Off Solutions coordinates audits (ROS-CAC) that include underwriting, claims, and accounting reviews of business assumed by Hannover Re. The auditing activities of ROS aim at satisfying the interests of our clients as well as our own.
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