Fleming Reinsurance has completed the novation of all liabilities from United SPC Segregated Portfolio #4 (United SPC4), a Cayman Islands-based captive insurer.
Fleming Re, a Bermuda-based class 3A insurance company, has acquired all the outstanding property and casualty liabilities from SeQure Underwriters.
The preferred shareholder of United SPC4, a captive which provided workers compensation, property and casualty, and technology errors and omissions coverages, desired a liquidity and finality solution for their insurance liabilities in 2018.
Fleming Re was able to fulfill this request by structuring a transaction that achieved the goals of the preferred shareholder and then worked diligently to provide confidence in closing within the desired timeline.
Phil Feldman, United SPC4 preferred shareholder, commented: “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 CEO, said: “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.”
He added: “We are excited with the strong reception we have received from the marketplace and expect to complete several more transactions over the coming months.”
