Bermuda-based class 3A insurance company, Fleming Reinsurance Ltd., has announced the completion of its first run-off transaction with the novation of all liabilities from Cayman-based captive insurer United SPC Segregated Portfolio #4.
According to an announcement, Fleming Re has acquired all the outstanding P&C liabilities from Sequre Underwriters, and, the preferred shareholder of United SPC4 was seeking a liquidity and finality solution for their insurance liabilities in calendar year 2018.
Through the structuring of a transaction that met the targets of the preferred shareholder, Fleming Re made this a reality, and continued to work diligently to provide confidence in closing the deal within the desired timeframe.
United SPC4 preferred shareholder, Phil Feldman, said: “Fleming Re was able to provide us with an attractive proposal, and close the transaction on the terms proposed, within our timeline.”
Eric Haller, Fleming Re Chief Executive Officer (CEO), added: “Fleming Re was created to provide an efficient run‐off platform with the focus of achieving our counterparties’ goals through flexible structuring and the ability to close transactions quickly. In applying these principles, Fleming Re was able to provide a solution to United SPC4, which achieved their goals and closed within tight timelines.
“We are excited with the strong reception we have received from the marketplace and expect to complete several more transactions over the coming months.”