Solvent schemes of arrangement / portfolio transfers
Both of these tools of finality and re-organisation are well known in the UK, and as yet untested in the US. A solvent scheme is a court approved global commutation by another name, and in the case of the US, a name with less negative connotations might have improved their popularity amongst US carriers.
The most common portfolio transfer is the "Part VII" transfer from one insurer to another, again court sanctioned.
We have detailed practical knowledge of the mechanics of both processes, which has been gained on both our own accounts and for our clients.
Neither a scheme nor a portfolio transfer is a panacea for a company (or syndicate) in run-off and we work closely with our principals, major creditors and experts to ensure that our proposals are appropriate and consider the interests of all stakeholders.
Randall & Quilter reports a 50% rise in Group operating profit for the six months ended 30 June 2008, the acquisition of...
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