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Episode Info: Larry Schiffer is a partner at Squire Patton Boggs LLP. Squire Patton Boggs LLP is a firm with an extensive list of business law experts with offices in 20 countries across five continents. Larry’s expertise is in the areas of insurance, commercial, and reinsurance litigation as well as arbitration and mediation. He obtained his Law Degree from Albany Law School and his Political Science degree from City University of New York-Brooklyn College. Today, Larry joins us to help explain how the world of reinsurance works and why it’s an absolute necessity for any business. He explains why he decided to become a political science major and the events that led him to his current career. He explains some of the terms used in reinsurance and cites examples of their use. Larry also describes what goes on during an arbitration situation and why it sometimes can take longer than a year to resolve. “The world doesn't function without insurance. You have to share risk in order to cover risk.” - Larry Schiffer Today on Spot On Insurance: Larry's story before venturing into the insurance industry. Why he chose to become a political science major. Larry's definition of reinsurance and what makes it a business necessity. Terms used in reinsurance and an explanation of each of them. Catastrophe reinsurance and the number of reinsurers involved. The reinsurance market cycle and how it works. Climate change and how it factors into reinsurance. Why some reinsurance disputes are just not cost-effective. What a real insurance arbitration situation looks like. Factors affecting the duration of a dispute. Key Takeaways: Insurance is literally the engine that makes the world economy run. Reinsurance is the next level of risk spreading. The majority of disputes arise out of runoff situations. Anytime there is a massive disaster, there will be smaller companies that are unable to purchase enough reinsurance to cover themselves sufficiently. Resources Mentioned: Arias US B3i Tort Trial and Insurance Practice Connect with Larry Schiffer: Squire Patton Boggs Email: larry.schiffer@squire.pb.com Twitter LinkedIn This episode was brought to you by….. Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com. Connect, Learn, Share Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on iTunes and share your favorite episodes with friends and colleagues!
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