As a leading insurance archaeology firm, Arcina Risk Group has a team with institutional knowledge, skills and resources to locate coverage as far back as the 1940s. Many mass tort and complex claims involve events that occurred years ago stemming from the first asbestos claims in the 1970s to environmental contamination and clergy abuse. Emerging claims such as sports concussions, talc, sexual misconduct and opioids have dominated the media and are on the rise. These liabilities may be covered under old insurance policies which tend to be less restrictive and provide broader coverage than current policies. Arcina has been instrumental in recovering billions of dollars for clients and delivering favorable results in large complex litigation.
Claims Advocacy and Insurance Recovery
Once historical policies have been uncovered, the recovery begins. Arcina applies best practices to perfect the claims notification process and takes a proactive cooperative approach throughout the lifecycle of claims management, instead of a typically adversarial tone. An extensive database of insurance contacts enables us to reach the proper parties quickly and efficiently. With nearly all complex claims, the next step after noticing insurers is to advocate on behalf of our clients to maximize the recovery. This includes setting up databases, organizing invoices and compiling relevant materials in support of claims to provide to insurers.
Claims Management and Support
Operating as an extension of your department, our skilled claims professionals have the experience and technologies to successfully track and administer mass tort claims, manage voluminous claimant and financial data, project exposures, negotiate disputes and effectively monitor reimbursements from insurers. We apply best practices to perfect the claims notification step in the lifecycle of claims management to ensure proper party engagement and to expedite the process.
Insurance Asset Review
A comprehensive audit of a company’s insurance assets provides a thorough assessment of the comprehensive policy coverage as well as any gaps, erosion due to claims activity or even insolvency. This helps facilitate the development of a claims management strategy. By building upon analytical results and deploying a team of experienced legal and claims professionals with deep knowledge of the global insurance markets and access to key decision makers, Arcina is poised to secure insurance recoveries that can cover defense, settlement and judgment costs.
Storing massive amounts of claim and policy data within a centralized repository facilitates cost containment and maximizes recovery amounts. Digital policy libraries provide easy access to your legacy policies and offer permanent preservation. Arcina’s data platforms can be customized and maintained or designed together with your IT department to ensure data security. Our systems consolidate and organize your policies and claims.
M & A Due Diligence
Private equity investors, corporations and other capitalized firms exploring an acquisition or divestiture greatly benefit from understanding the current and legacy insurance assets of a target company as well as potential claims. Arcina is skilled in identifying and offering opinions as to available coverage for legacy claims and works seamlessly with outside counsel and actuarial teams to analyze the sufficiency of insurance assets to cover current and future claims. Understanding the urgency of many of these deals, we work quickly to find and analyze policies so that investors are armed with the appropriate information to determine and negotiate as necessary to avoid any surprise or uncovered liability. Our expertise is particularly valuable where the target companies face asbestos, environmental and other complex claims.
To share the cost of long tail exposures with other carriers, the world’s largest insurers regularly turn to Arcina to locate additional historical coverage for their insureds. When an insured has already obtained coverage, there could be reluctance to investigate for additional coverage. Unfortunately, claims adjusters all too often prematurely foreclose the possibility of identifying or finding additional coverage to share in losses and instead bear the brunt of costs. However, the cost/benefit of archaeology can be enormous, with most carriers unable or precluded from opening insureds’ files to search for additional coverage. Many leading insurers have recognized the benefit of engaging Arcina’s insurance archaeology services when faced with environmental or other long tail claims. We have successfully discovered hundreds of millions of dollars in coverage resulting in significant savings for our clients by reducing the time on risk for clients and identifying additional coverage to participate in sharing defense and indemnity costs.