Hanover Stone Partners and Apetrop USA, a provider run-off liability transfer, closure and related services to insurers, captives and reinsurers, have agreed to collaborate to assist US-based commercial insurers and captives with solutions to their long-tail liabilities.
Hanover Stone offers a range of risk management services, including captive governance and related advisory services for captives and their parent companies through its specialty practice CaptiveGuardSM.
John Kelly, founder and CEO of Hanover Stone, said he looks forward to working alongside Apetrop USA to offer solutions to their mutual clients.
Kelly commented: “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.”
“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.”
Anna Petropoulos, president and CEO of Apetrop USA, said: “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.”
"Our solutions help all these entities cap difficult, long-tail exposures, enabling them to seize new opportunities for growth and product line expansion.”
She added: “Together, 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."