B.A., LL.B., University of Iowa 1965, member of Iowa Bar, American Bar Association (Tort and Insurance Practice Section), Federation of Insurance & Corporate Counsel (Excess and Reinsurance Committee), ARIAS U.S. (AIDA Reinsurance and Insurance Arbitration Society), AIDA (Association Internationle de Droit des Assurances). Defense Research Institute, Reinsurance Association of America Environmental & Claims Committee, NAII Claims Executive Council, Chicago Claim Managers Council, Pollution Liability Insurance Association Committee, The International Association of Insurance Receivers (Accredited Receiver designation), Arbitration Panel Member, National Association of Securities Dealers, National Futures Association, Chicago Board of Trade, Arbitration Forums, Arbitration Panel Member of American Arbitration Association List of Neutrals. (All memberships are concluded 12/31/2010.) Mr. Bakka joined American Mutual Reinsurance Company as Attorney in 1967, advanced to Assistant Vice President in 1971, Vice President in 1975, Senior Vice President 1983 to 1995. From 1995 to 2005, served as Administrative Officer of Amreco Operations under the Illinois Office of the Special Deputy Receiver. Presently serving as Principal on arbitration and consulting service under Amicable Resolution Company.
All experience with American Mutual Reinsurance Company has been derivative of the pool management of the casualty and property multi-line pool, the Mutual Atomic Energy Property & Liability Pool and the Pollution Liability Insurance Association Pool. Legal and claims matters have spanned the orderly handling of major casualty, property and catastrophe losses with long standing treatyholders and pool participants.
On an independent consulting basis, legal counsel has been given for forming and maintaining captive programs. Due diligence reviews have been prepared for monied interests for their assessment of participation in underwriting ventures at the primary, excess and reinsurance levels. Expert witness and arbitration service has been given on matters involving claims, underwriting and IBNR developmental studies. Opinions have been rendered on coverage obligations, attachment points and drafting of primary, excess and reinsurance treaties and certificates. Forums for testimony have involved Federal and State Courts and international arbitration proceedings. As a general overview of appearances, service has been rendered as a party arbiter on reinsurance approximately one hundred twenty-four times, the umpire role on reinsurance fifty-six times, expert witness appearances on ninety-two matters and party arbiter on SEC arbitration matters thirteen times.
While credentials on the financial side would be keyed more to the underwriting and claims assessment of the Annual Statement of Treatyholders, personal history has always included a participation in Chicago financial markets. Financial involvements have been with financial futures, bond markets, trading currency and interest-sensitive instruments through the Chicago Exchanges. Service has been rendered on arbitration panels, the National Association of Securities Dealers, National Futures Association and the Chicago Board of Trade.
Board of director service has included: Board member and Chairman of Illinois Insurance Exchange Guaranty Board (1985-97), Board member and Chairman Jesud Inc. (1999-2002), Board member and Chairman of INEX Immediate Access Funds (1987-97) and Chairman of the Board of “Windtalker Holdings” (2008-present).
