RiverStone has completed its deal to reinsure-to-close (RITC) the open years of Syndicate 376. The syndicate has been under the control of Whittington Capital Management, and is one of the largest in run-off in the Lloyd’s market. Syndicate 376 has gross liabilities of approximately $250mn, down from around $1bn. Alleghany’s Syndicate 376 collapsed on the Central Fund at the … [Read more...] about RiverStone Completes Deal to RITC Syndicate 376
DARAG today announced the acquisition of SunPoint Holdings Limited (“SunPoint”) in Bermuda. SunPoint will be integrated into DARAG Bermuda Ltd and will provide DARAG Bermuda with a platform for further expansion. This is DARAG’s first company acquisition in Bermuda since the launch of its Bermuda operation in 2019 and provides the seller with complete economic and legal … [Read more...] about DARAG Announces Acquisition of SunPoint in Bermuda
Umpire selection is one of the most important aspects of a reinsurance (or any other) arbitration because it can have a significant impact on the outcome of your case. Traditionally, parties have utilized the “strike and flip” method of umpire selection where the parties nominate a specified number of candidates, strike all but one of the other side’s candidates and then select … [Read more...] about Strike and Rank – An Alternative to the Strike and Flip Umpire Selection Process
The Panelists for the first education session of day two of our virtual Spring Membership Meeting included Michelle Harnick, Managing Director, Guy Carpenter David Luce, Partner, DLA Piper and Ed Torres, Executive Vice President, Willis Towers Watson. AIRROC Executive Director Carolyn Fahey who served as moderator facilitated the discussion. Michelle kicked off the … [Read more...] about Market Capacity – What Does it Mean for the Legacy Market?
On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020. Trower J’s judgment in the DeepOcean restructuring has been highly anticipated, and is the first time the court has set … [Read more...] about DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan