Greenlight Re and ACG team up to help captive insolvencies
– 21 December 2007
Maryland–based captive insolvency and run off consulting firm ACG is reported to have teamed up with Cayman’s Greenlight RE to pool resources and assist captive insurance programmes that have outlived their usefulness.
“If you are in a period of consolidation, your new business structure may find one or more captives are no longer needed,” said Bart Hedges, president and chief underwriting officer of Greenlight RE.
Furthermore, in the current soft insurance market, some captive owners may be deciding they want to change strategies.
Sean Logan, head of ACG’s bankruptcy and insolvency practice, said the captive market has matured to the stage where some owners are quite fairly looking for other solutions to their insurance needs.
“ACG provides captive closure programmes that help captive insurance companies and their owners design and implement a plan, transaction or vehicle to achieve a profitable and well–orchestrated path to closure at the end of a captive’s natural life cycle,” he said.
He said ACG’s captive closure programmes and run–off services can alleviate the ongoing administrative costs associated with owning and managing captives in run–off.
“The programme helps free up and return capital and collateral for better corporate uses and reduce and eliminate ongoing directors and officers liability insurance exposure.”
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