A stevedore company covered their workers under the Longshore and Harbor Workers’ Compensation Act (LHWCA) for more than 30 years, carrying a $1 million SIR.  The annual increase in reserves and letters of credit required by their excess carrier had grown to the point of severely impacting cash flow and financial flexibility.  GJS Re secured two separate options.  The first was a complete “novation” of all liabilities from ground up to a new carrier who assumed all future obligations, including claims management.  The second was a loss portfolio transfer to a new carrier with a limit high enough to achieve accounting certainty that the liability would no longer impair the company’s finances.