The Association of Insurance and Reinsurance Run-Off Companies (AIRROC) has named Anna Petropoulos, founder and president of Apetrop USA, Inc., as its Person of the Year.
Apetrop USA is a Brattleboro, Vermont-based company that specializes in consulting and advisory services to insurers, reinsurers and other investors and prospective investors related to the transfer and assumption of closed blocks of insurance and reinsurance business under Vermont’s Legacy Insurance Management Act (LIMA).
A native of the United Kingdom, Petropoulos has an extensive background in the successful management of portfolio loss transfers and other types of accelerated closure.
She founded Apetrop USA and spearheaded the introduction of the LIMA legislation in Vermont in order to create ways for global insurance companies to divest themselves of U.S. portfolios, in ways that are more expedient and cost effective than the current Part VII transfers commonly used in the UK and Europe. LIMA was signed into law on February 19, 2014.
Before moving to the US, in 1999 Anna Petropoulos founded Apetrop Ltd. in London as a service provider to the insurance and reinsurance industry. She has more than 30 years’ experience in the London and international markets working with risk carriers and brokers. Now merged into Aureus Asset Management Ltd.,
Apetrop Ltd. was at the forefront in the successful management of portfolio loss transfers, discontinued lines and accelerated closure.
Earlier, Anna held the position of Director of Reinsurance at CNA in London. Her previous employers include MFK Underwriting, Willis Faber Ltd, Scottish Lion Insurance Company and Sphere Drake Insurance Ltd.
The award was presented to Petropoulos on October 20 at AIRROC’s 10th annual Commutations and Networking Forum in New Brunswick, NJ. The award was sponsored by the law firm Chadbourne & Parke LLP.
In remarks at the presentation, Petropoulos heralded the progressive insurance environment in Vermont, pointing out that long before passing LIMA, the state was known as the pioneer and leader in facilitating the creation of captive insurance companies, with more that 1000 such entities currently registered in the state.
On the day following the presentation, Petropoulos will participate in a panel at the convention focused on LIMA, together with Daniel Maher, Executive Director of Excess Line Association of New York, Steve McElhiney, CEO of EWI Re, and Jeffrey Kingsley, Partner at Goldberg Segalla. Michael Goldstein, Partner at Mound Cotton Wollan & Greengrass will be the panel’s moderator.
The past recipients of the AIRROC award include:
Karl Wall (2013)
Robert Sherwood (2012)
Gary Lee and Andrew Rothseid (2011)
Mindy Kipness (2010)
Barbara Murray (2009)
Dan Schwartzmann (2008)
Brian Snover (2007)
Oliver Horbelt (2006)
Paul Dassenko (2005)
AIRROC’s mission is to promote and represent the common interests of insurance and reinsurance companies with legacy business. The Association’s objectives include improving professional and managerial standards and practices and enhancing knowledge and communications within and outside of the run-off industry. For more information visit www.airroc.org.
Apetrop USA, Inc., founded in 2010 by Anna Petropoulos, is a consulting and advisory service counseling insurers, reinsurers and other investors in the insurance/reinsurance sectors on acquiring or selling blocks of insurance business under the Vermont Legacy Insurance Management Act (LIMA).
Apetrop USA can assist clients in all aspects of the LIMA transfer process, including special-purpose entity organization, regulatory compliance, transfer plan negotiation and documentation, identification and notification of affected parties and post-transfer claims management.
In addition to LIMA-related advisory and consulting services, Apetrop USA offers claims and portfolio management services and reinsurance collections services to clients in the United States, UK and Europe. Apetrop USA also provides other professional services to clients in the insurance and reinsurance sectors, including run-off, trapped cash recovery and technical audit services. For more information, visit www.apetropusa.com.