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."