AIRROC provides a lot to build on for the US legacy market

13th November 2023

Experts from the UK, Europe, and the US gathered in New Jersey last month for the AIRROC 2023 Legacy Transactions & Networking Forum, an event which served to highlight the buoyant nature of the current market Steven Goate explains.

This year’s AIRROC Forum was back to its pre-Covid levels with over 250 delegates in New Jersey with a feeling that there is much for the market to be positive about.

The event agenda was packed with presentations, which covered a wide range of topics both in the live and legacy markets. Like many events the discussions and meetings outside of the conference hall provided a real idea of where the market currently stands and where it is expected to be heading in the months to come.

The overriding themes reflected those in the UK market. The legacy sector has a sizeable number of companies which are looking for acquisitions, with around 20 “acquirers” currently active in the market and keen to do business.

The numbers active in the market at present indicate that we may well be entering a period of consolidation, and there are already signs that some of those in the market are looking at their future strategies. What is clear is that there is a lot of capital in the market which is looking to be deployed.

That aside while the US does not currently have a system akin to the UK’s Part VII transfer, the work on the development and adoption of a new transfer mechanism continues. The IBT scheme was pioneered by Oklahoma and has been gaining traction in the US, with several states now looking at how they can implement the scheme with at least one major state close to adoption. The scheme will likely open up the US legacy market to a more streamlined transfer system, which in turn will provide new opportunities for those keen to explore the benefits.

One of the most noticeable changes to the event this year was the increase in the participation of the major brokers, WTW, Aon, Guy Carpenter, Howden Tiger, and McGill’s were out in force and are looking to bring increasing books of business to the market. What it also signals is the positive view of the legacy and run off market in the eyes of the global brokers and their clients.

However, while an influx of business is to be welcomed, the acquiring companies are being very selective with the business they are willing to consider, with an accent on the quality of books.

As with every year much credit must go to AIRROC and its organising team for the way in which the event was structured and operated. The speakers highlighted some very thought-provoking themes around the market’s direction and what needs to be put in place to ensure its ongoing success, and like the UK, the fight for talent remains a concern.

One of the biggest benefits was once again to have the US legacy market under one roof. The ability to meet so many contacts led to a number of positive meetings and the opportunity to discuss the services Davies can offer.

There is a lot to feel positive about at present for all parts of the legacy market but there is also a recognition that the opportunities within it require expertise to truly be realised.

If you would like to continue the conversation, get in touch with Managing Director, Steven Goate at

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