Run off
Enterprise sees claims costs rocket from Ogden impact
Enterprise could pay out £101.4m more in UK claims than its administrators had predicted, largely owing to the Ogden rate hit on its motor book.
Horizon Insurance declared in default
Gibraltar-based Horizon Insurance has been declared in default by the Financial Services Compensation Scheme.
CBL shareholder in bid to save troubled firm from liquidation
CBL Corporation shareholder Oceanic Securities PTE has filed an opposition to the application to put the company in liquidation, leading to delays for the liquidation hearing.
CBL Corporation expected to be placed in liquidation, sees further delays to watershed meeting
The New Zealand High Court has granted a further application by CBL Corporation administrator Kordamentha to push back a watershed administration meeting to February 2019, though it is expected the corporation will be placed into liquidation.
Unrated Danish insurer Qudos plunges into liquidation
The owners of Danish unrated insurer Qudos have placed the business into liquidation, after it ceased to write new business in October.
Review into CBL expected to ‘identify lessons’ for both the firm and the regulatory regime
The Reserve Bank of New Zealand has welcomed the liquidation of CBL Insurance and will be publishing a review into it next year.
CBL Insurance placed into liquidation
CBL Insurance’s administrators had been working on a restructuring proposal, but the firm has been placed into liquidation.
Markerstudy picks up 10,700 policies from collapsed Alpha
The Financial Services Compensation Scheme has signed off on a deal that will see 10,700 customers of failed Danish insurer Alpha have their policies moved to Markerstudy.
This week in Post: Washouts and windfalls
When you head off to an outdoor festival following a heatwave, you cross your fingers and hope the sun sticks around. Unfortunately it seems like the recent tropical spate has done a runner and I spent last weekend trying not to roll down a hill while up…
FSCS has paid out £104m to failed insurer Enterprise customers
The Financial Services Compensation Scheme has paid out £104m in compensation to customers of collapsed unrated insurer Enterprise so far.
CBL director and INEDs resign
Sir John Wells has stepped down as director and chair of CBL, along with two independent non-executive directors.
Darag names Booth as Group CEO
Legacy book acquirer Darag has named Tom Booth as Group CEO, effective 23 July 2018.
Watershed CBL meeting delayed over restructure proposals
The directors of collapsed New Zealand-based insurer CBL have proposed a restructure, pushing back the date of its voluntary administration watershed meeting.
This week in Post: Caution, doubt and selling out
This week in Post, there was news of sales, incompetence and unprecedented losses.
Analysis: Global run-off market remains buoyant
The perfect storm of conditions that has allowed the legacy sector to boom over the past couple of years looks set to continue throughout 2018 as capital continues to flow into the market, fuelling a pipeline of deals.
Analysis: Passing up on passporting
What next after the UK ruled out maintaining passporting within the European Union?
Global run-off market 'extremely buoyant' at $730bn in 2017
The value of the global non-life discontinued business market exceeds $700bn, according to research from PWC.
Blog: Options to access the EEA market after Brexit
Kieran Jones, head of insurance and partner at Weightmans, explains how insurers may continue to write business in the European Economic Area after Brexit.
Compre CEO to step down
Compre’s Nick Steer will step down as CEO of the business, effective from March 2018.
Guernsey-based Chinese insurance company established
Brilliant Reinsurance has become Guernsey’s first Chinese insurance company.
Amex winds up its travel insurance business
Exclusive: American Express has placed its travel insurance business into run-off, as part of a wider restructure of its insurance unit.
R&Q takes on Prosight Lloyd's syndicate in run-off
R&Q has reached an agreement with Prosight Specialty Insurance to manage Syndicate 1110 in run-off.
Compre snaps up legacy book from Norway's Gjensidige Forsikring
Compre has acquired a legacy portfolio from the Norwegian insurer Gjensidige Forsikring for an undisclosed sum.
Elite's rating likely to be downgraded as it goes into run-off
Gibraltar-based Elite Insurance's Insurer Financial Strength rating has been scored as BBB, on Rating Watch Negative.