In most cases, disputing parties are amenable to settlement but are unable to figure out how to get there without wasting time, money, and aggravation. Reinsurance mediation can help.
Seasoned reinsurance executives know that mediation provides a streamlined alternative that shifts the power and opportunity to control the process of negotiating and determining the terms of a settlement to the disputing parties. Mediation is especially effective for helping parties reach commercially reasonable solutions that best serve their interests. Nobody understands the dispute better than those involved. Allowing them to create a resolution of the dispute promotes success.
Reinsurance mediation is facilitated negotiation in which the mediator’s principal mission is to enhance communication, clarify issues, and identify interests. The goal of reinsurance mediation is to assist disputing parties in developing and assessing options to solve their dispute. Having participated in more than 100 reinsurance arbitrations, as umpire (51) or party arbitrator (46), I am convinced that mediation would have been the more effective course of action in many of these disputes. Reinsurance mediation provides flexibility and an opportunity to share mutual concerns candidly. It is one of the most, if not the most, effective tool for resolving reinsurance disputes.
As a Certified Public Accountant, Liquidator of a major property-liability insurance company and Rehabilitator of a medical malpractice insurer, Richard L. White uses his experience to help parties come up with mutually-agreeable and creative solutions. Call him today at 201-280-8943 to schedule a consultation.