-
Deals would need to be sized at $50mn plus for transfer to capital markets. -
The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
-
The company plans to launch in New York and New Jersey next year.
-
The company said the reduction was due to years of steady improvements.
-
The man is alleged to have conspired with others to falsify LOCs and collateral letters.
-
A Q3 listing remains a possibility, but the timeline can change rapidly amid storm season.
-
Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
-
The program includes all perils coverage and third-event protection.
-
The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
-
The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
-
The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
-
The “convenience claims” route to payout will be limited to claims up to $200,000.
