William Flaherty of Swiss Re
Named AIRROC Person of the Year for 2016 

New Jersey, October 17, 2016

The Association of Insurance and Reinsurance Run-Off Companies (AIRROC) has named Swiss Re’s William Flaherty as the winner of the 2016 Person of the Year award. 2016 marks the 12th year that AIRROC has bestowed this annual award.

The award was presented to Bill on October 17 at AIRROC’s 12th annual Commutations and Networking Forum in New Brunswick, NJ. This award is presented each year to recognize individuals who have had significant impact on the run-off industry. In presenting the award, Katherine Barker, a member of AIRROC’s Board, acknowledged Bill’s credentials and significant experience. “This award was created so that AIRROC can give recognition to someone that has had an impact in the legacy sector of the insurance industry. The Board sought to recognize a person from within the AIRROC membership that is currently leading runoff business and is dedicated to making it an interesting career at their company, said Barker. This year’s award winner -- as described by their nominator -- is a mentor and leader demonstrating diligence and fortitude in "Managing the Past".

Bill has over 30 years of experience in the industry, beginning as an auditor with KPMG and working his way up to become Chief Financial Officer of GE Re. He is currently a Senior Vice President and Head of Liability Management for Americas at Swiss Re America. At Swiss Re, Bill is the leader of fifteen professionals responsible for portfolio management activities related to Swiss Re's legacy property-casualty reserves in the Americas.

During his years working in the run off arena, he was instrumental in the formation of the original GE Insurance Solutions (GEIS) commutation team in 1999. When GEIS was sold to Swiss Re, the GEIS liability management structure was quickly adopted as a best practice. Since that time, Bill has been actively involved in the commuting of over $3 billion of reserves. This figure represents successful dealings with insolvent and active companies. In this process, Bill has mentored numerous individuals by sharing his wealth of knowledge, experiences as a former Chief Financial Officer, and since the beginning of AIRROC has been a solid supporter of the organization. Bill continues to expand his footprint within the industry as he is either associated on the front end of the majority of all Swiss Re deals, or is providing strategic support from behind the scenes.

In his acceptance speech, Bill grave credit to the support of the Swiss Re organization and the great team that he works with as well as to AIRROC’s role in allowing individuals to make the connections needed to get their jobs done. He challenged those in the audience to let others know about AIRROC and share how attendance at AIRROC meetings can enhance a company’s business run off strategy.

AIRROC congratulates Bill on the award and for having the professional expertise and creativity in becoming a model for efficient and equitable ways to resolve complex issues. Butler Rubin Saltarelli and Boyd LLP sponsored the award.

The past recipients of the AIRROC award include: The Reliance Team (2015); Anna Petropolous (2014); 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 vision is to be the most valued (re)insurance industry educator and network provider for issue resolution and creation of optimal exit strategies. AIRROC’s mission is to promote and represent the interests of entities with legacy business by improving industry standards and enhancing knowledge and communications within and outside of the (re)insurance industry.

Contact information: Carolyn W. Fahey, Executive Director, AIRROC: 703-730-2808, carolyn@airroc.org