Glenn E. Brace
Certified Arbitrator
vCard
Personal Information
| Address: |
Gallery 4 12 Leadenhall Street London, EC3V 1LP United Kingdom |
| Phone: | 01 44 207 993 5484 |
Current Employment
| Company: | Tower Street Consulting |
| Position(s) and Responsibilities: | Founding Principal |
| Address: |
12 Leadenhall Street London, EC3A 1LP United Kingdom |
| Phone: | 011 44 207 |
| Cell: | 011 44 7889 364 216 |
| Email: | glenn.brace@towerstreetconsulting.com |
| Website: | www.towerstreetconsulting.com |
Previous Employment
| Company: | Equitas |
| Position(s) and Responsibilities: | Claims Director -- Responsible for all direct and reinsurance claims |
| Company: | Resolute Management Services Limited |
| Position(s) and Responsibilities: | Chief Claims Officer - Responsible for all direct and reinsurance claims |
Credentials
| Attorney: | Yes |
| Education: | University of Virginia University of Virginia School of Law |
| Degrees: | B.A., J.D. |
Work Experience
Reinsurance Company: 12 years
Executive Officer (CEO, COO, CFO, Chief Actuary): 6 years. Board of Directors, Chief Officer
Claim Department: 6 years. Division Head
Law Firm (Insurance/Reinsurance Practice): 13 years
Partner: 6 years. Partner, Day Berry & Howard (now Day Pitney)
Associate: 7 years. Associate, Day Berry & Howard (now Day Pitney)
Breakdown of Experience
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By Market
U.S. Market: 50%
U.K. Market: 50%
Insurance vs. Reinsurance: 60/40%
Treaty vs. Facultative Reinsurance: 80/20%
Current Insurance or Reinsurance Company Officer
Former Insurance or Reinsurance Company Director
Mediation Experience
Number of Mediations
As Counsel: 10
ARIAS Experience
Workshops, as Trainee: 1; September 2009
Ethics Training, as Trainee: 1; September 2009
Biography
Glenn Brace has been based on London since 1998 when he joined Equitas, the reinsurer and runoff agent for Lloyd’s of London’s pre-1993 liabilities. Equitas was the largest insurance runoff in history, a transaction that encompassed more than 750 separate reinsurance programs. He became its first Head of Asbestos, Pollution and Health Hazard Claims, managing the “long-tail” exposures that posed the great risks to Equitas.In early 2003, Mr. Brace was appointed Equitas Claims Director. He joined the Equitas Board of Directors and assumed responsibility for all direct and reinsurance liabilities, including professional liability, catastrophe, sexual abuse and personal injury claims, as well as the significant information processing requirements that accompany losses written on a subscription basis. During Mr. Brace’s tenure as Claims Director, Equitas resolved direct liabilities at an unprecedented pace and settled some of its largest cedent relationships. By 2006, Equitas had reduced undiscounted liabilities by more than 70% and increased its solvency margin to 12.0% (from 5.6% at inception). He led successful efforts to recover hundreds of millions owed to Equitas, including amounts from foreign governments and the United Nations Compensation Commission.
In March of 2006, Berkshire Hathaway began discussions with Equitas that culminated in Berkshire’s agreement to provide up to $7 billion of reinsurance cover to Equitas. That transaction was described as “a triumph for Equitas” (Financial Times). In 2007, Mr. Brace became the Chief Claims Officer of Resolute Management Services Limited, the company created to continue the Lloyd’s runoff on behalf of the Berkshire Hathaway group. In 2009, Mr. Brace founded Tower Street Consulting to provide innovative liability solutions.
Prior to his work in London, Mr. Brace was in private law practice in Connecticut and Massachusetts specializing in the analysis and litigation of complex insurance disputes.
