ACE Ltd. announced the completion of the sale of three runoff reinsurance companies to a London investment firm, reducing its legacy liabilities, including asbestos, by around $900 million and reducing its reinsurance recoverables by about $400 million. The deal, when proposed, drew objections from some of ACE's cedents.
Reinsurance Regulation
UK COURT APPROVES INSURANCE BUSINESS TRANSFER SCHEME FOR ZURICH GROUP COMPANIES
The High Court of Justice has approved an insurance business transfer scheme involving four Zurich group companies, finding that the report of an independent expert actuary supported capital retention needs. From a US standpoint, this opinion is interesting in its illustration of the role of an independent expert in such proceedings, where the retention of the expert and the report is approved by the FSA. In re Eagle Star Insurance Company Limited and Others, [2006] EWHC 1850 (Chancery Division June 29, 2006).