It’s in the books! Oklahoma has now made good on its promise to become the leading domicile for a new U.S.-based insurance restructuring mechanism—the Insurance Business Transfer (IBT). In late November 2019, the Oklahoma Insurance Department approved the IBT application (or IBT Plan) of Providence Washington Insurance Company (part of Enstar Group) to transfer policies to … [Read more...] about A New Legacy Has Been Established in the U.S. Legacy Liability Market
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OK Court Gives Enstar’s IBT The OK
On October 15, 2020, the Oklahoma County District Court for the State of Oklahoma, issued its Judgement and Order of Approval and Implementation of the Insurance Business Transfer Plan (“IBT Plan”) (“Order”) filed by Providence Washington Insurance Company (“PWIC”), applicant and the transferring insurer and Yosemite Insurance Company, the assuming insurer (“Yosemite”). This … [Read more...] about OK Court Gives Enstar’s IBT The OK
Oklahoma Completes First Insurance Business Transfer in the United States
OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States
Captives Can Benefit From Run-off In The COVID-19 World
AIRROC's Executive Director, Carolyn Fahey and Steve McElhiney of Artex pen article for Captive International. Notice COVID-19 has destabilised the global economy and increased risk across all types of business. Run-off solutions can help captives better manage these risks, say Steve McElhiney of Artex and Carolyn Fahey of AIRROC. The concept of insurance “run-off” … [Read more...] about Captives Can Benefit From Run-off In The COVID-19 World
