The Princeton Partnership

 

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Our Achievements

Turnaround Management / Runoff Management

  • Developed and produced reinsurance business to diversify a highly concentrated portfolio of financial guarantee products.
  • Managed the stabilization and runoff of a multi-line commercial lines operation, including the migration in-house of numerous MGA controlled programs.
  • Developed and implemented a strategy for the turnaround and strategic exit for a health insurance business.
  • Developed and implemented strategies for the resolution of extraordinary reinsurance disputes implicating in excess of $1.5B in reinsurance recoverables in connection with the runoff of legacy insurance operations.
  • Assisted in the development and implementation of strategies to reduce reinsurance recoverables by more than $1B (50%) and increased policyholder surplus by $150M (100%) over a three-year period for an insurer.
  • International Division of Major Financial Services and Managed Care Organization - worked with this international financial services organization over an eight-year period through a difficult turnaround, from negative $30 million to positive $150M and projected $240M income in 1999. Revenues grew from $500M to $5B. Organization is now globally very well positioned for the future.
  • Assumed interim management responsibility for the workers compensation operations for a large national retail chain.
  • Developed and implemented plan to resolve uncapped liability estimated in the hundreds of millions of dollars as a result of claims resulting from the construction of a residential subdivision adjacent to superfund sites.
  • Negotiated workouts of numerous limited partnership projects on behalf of the company issuing the surety bonds supporting individual investor participation.
  • Structured and drafted aggregate excess of loss agreements providing in excess of $1B of protection in support of a corporate restructuring of an insurance holding company system.
  • Developed and implemented turnaround and divestiture plan for an exclusive resort hotel.
  • Successfully formulated and implemented a strategy for the settlement of a $500M claim brought by the US Government for liability arising out of a failed Savings & Loan.
  • Successfully developed and implemented strategies for the collection of reinsurance on multiple disputes arising out of the reinsurance of asbestos claims with an amount at issue in excess of $500M.
  • Successfully negotiated the resolution of a series of litigated reinsurance disputes arising out of environmental liabilities that involved numerous parties in multiple countries. The exposure to all parties on the legal fees to litigate the reinsurance disputes was itself estimated to be in excess of $200M.
  • Negotiated resolution of litigation with amount in dispute in excess of $40M arising out of "fronting" relationship with a foreign reinsurer. Final settlement was on economic terms more favorable than initial offer.

Developing Successful Organizations

  • Global Reinsurance Organization – helped to enhance the franchise value of a major subsidiary, and reengineered the underwriting structure and process building cross-functional expertise, and client focus in underwriting, claims, financial/accounting and actuarial analysis
  • Combined Insurance and Healthcare Joint Venture - organization planning and total staffing; original book value $400M, subsequently sold for $770M
  • Major Multi-line Insurance Organization - over a six-year period, contributed to both the organization design and executive staffing to the development of one of the top performing large insurance organizations in the U.S. Assets have grown from $20B to $63B with $12B in revenues and $742M in income
  • European Financial Services Organization - initially five newly acquired, small, financial services organizations in Europe with revenues of approximately $240M. After restructuring and total re-staffing, grew to integrated European financial services organization in life insurance, investment and property/casualty of over $3B
  • Major Specialty Employee Benefits Provider – recruited many key strategic positions to this organization as it grew from a $700M to a $9B enterprise and subsequently sold for $6.6B

Start-Ups

  • Start-up Insurance Operation specializing in the acquisition of discontinued operations - developed a business plan and financial model
  • Start-up M.G.A. - facilitated the financing and organization, assisted in the creation of a proprietary insurance product which has been trademarked and approved
  • New Subsidiary specializing in insurance runoffs and other business withdrawals - strategic development, planning and launch
  • Reinsurance Brokerage Company - facilitated its start-up
  • Treaty Reinsurance Joint Venture start-up - facilitated establishment as a sound, professional market for property and casualty treaty reinsurance business

Strategic Business Development and Due Diligence

  • Led and/or managed due diligence process for various acquisitions and divestitures across a broad range of industries involving casualty and life insurance, accident and health insurance, real estate, travel, catalogue retailing, continuity programs, dental plans (capitated and noncapitated), legal service plans, manufacturing, and direct response marketing.
  • Exploration of diversification with a major reinsurer. Directly involved in IPO strategy, acquisition strategy, due diligence and ultimate sale to a global financial services company for $1.5B