The purchase of distressed debts is not a new thing. Losses generated in the 1990’s by rocketing APH exposures and the dawn of a new era of litigation saw billions of dollars of additional liability flood the market, and the run-off industry as we know it was born. Today, it is estimated that the value of non-life European run-off stands at around €247bn and this is anticipated … [Read more...] about Trash or Treasure. Are Insolvencies and Reinsurance Asset Sales Inevitable?
Insolvency
Light Speed Liquidation: A Roadmap of Reliance’s Steps to Rapid Closure of the Estate
On October 3, 2001, Reliance Insurance Company was placed into liquidation by Order of the Commonwealth Court of Pennsylvania. In her Petition to the Commonwealth Court seeking an Order to place Reliance into liquidation, Commissioner of Insurance Diane M. Koken indicated that Reliance had a negative surplus of over one billion dollars. Reliance, at the time, was considered to … [Read more...] about Light Speed Liquidation: A Roadmap of Reliance’s Steps to Rapid Closure of the Estate
