run off

English translation: stand-alone repository for discontinued business

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:run off
English translation:stand-alone repository for discontinued business
Entered by: airmailrpl

03:20 May 8, 2003
English to English translations [Non-PRO]
Bus/Financial
English term or phrase: run off
As I mentioned earlier, I believe that there are dangers in looking at run-off entities as on-going companies that simply lack an underwriting and marketing function. In order to be successful, management must view the issues as business challenges. Many run-offs fail to deliver their stated objectives because they simply replicate the conditions which caused them in the first place. All too often I am reminded of a summer vacation when to break the boredom of the inevitable lazy day by the pool, I shipped the family off to see the local archaeological site. Gazing with awe at the magnificent ancient temple, I asked the guide, "How old are the ruins?". "2007 years," came the prompt reply. "But how can you be sure of the precise year?" I challenged with typical actuarial aplomb. "Oh," said the guide, "the leader of the team who excavated the ruins told us that they were 2000 years old – and that was 7 years ago".
chance (X)
stand-alone repository for discontinued business
Explanation:
One of the new and more efficient mechanisms devised by our industry is the concept of run-off management: segregating discontinued and/or underperforming books of business and aggressively focusing on strict claims management and rapid reinsurance collections. Based on the model formed by insolvency regulators to protect policyholders, run-off management for solvent companies shielded stockholders from the effects of poor business decisions. .....
However, in the early 1990s the run-off concept in the US began to be driven by the notion that insurance carriers might be able to separate their bad, environmentally--tainted business, capitalise it and gain regulatory approval for it to stand alone. This concept was modelled after the "good bank/bad bank" structure, which emerged from the US banking crisis in the 1980s.
http://www.grmcna.com/mfglobalre.html

13th International Reinsurance Congress, Bermuda
... As I mentioned earlier, I believe that there are dangers in looking at run-off entities as on-going companies that simply lack an underwriting and marketing ...
www.bila.org.uk/lectrun.htm
Selected response from:

airmailrpl
Brazil
Local time: 02:01
Grading comment
Thank you !
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +5stand-alone repository for discontinued business
airmailrpl


  

Answers


1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +5
stand-alone repository for discontinued business


Explanation:
One of the new and more efficient mechanisms devised by our industry is the concept of run-off management: segregating discontinued and/or underperforming books of business and aggressively focusing on strict claims management and rapid reinsurance collections. Based on the model formed by insolvency regulators to protect policyholders, run-off management for solvent companies shielded stockholders from the effects of poor business decisions. .....
However, in the early 1990s the run-off concept in the US began to be driven by the notion that insurance carriers might be able to separate their bad, environmentally--tainted business, capitalise it and gain regulatory approval for it to stand alone. This concept was modelled after the "good bank/bad bank" structure, which emerged from the US banking crisis in the 1980s.
http://www.grmcna.com/mfglobalre.html

13th International Reinsurance Congress, Bermuda
... As I mentioned earlier, I believe that there are dangers in looking at run-off entities as on-going companies that simply lack an underwriting and marketing ...
www.bila.org.uk/lectrun.htm

airmailrpl
Brazil
Local time: 02:01
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in pair: 1164
Grading comment
Thank you !

Peer comments on this answer (and responses from the answerer)
agree  Layali (X)
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agree  Ino66 (X)
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agree  Empty Whiskey Glass
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agree  Tanja Abramovic (X)
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agree  Jana Teteris
1 day 17 hrs
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