Fleming Reinsurance Ltd. (“Fleming Re”) completed the novation of all liabilities from United SPC Segregated Portfolio #4 (“United SPC4”). The preferred shareholder of United SPC4 desired a liquidity and finality solution for their insurance liabilities in calendar 2018. Fleming Re made this possible through structuring a transaction that achieved the goals of the preferred shareholder and then worked diligently to provide confidence in closing within the desired timeline.
United SPC4 is a Cayman based captive insurance company which provided workers compensation, property and casualty, and technology errors & omissions coverages.
Fleming Re is a Bermuda based class 3A insurance company whose management has a deep track record in providing a full range of reinsurance structures and finality solutions for legacy liabilities and providing flexible and comprehensive liquidity and risk transfer alternatives to all entities in the middle market insurance sector. Fleming Re takes pride in providing sellers with competitive terms on an expedited basis and certainty of closing on time. Fleming Re and its management team have extensive experience acquiring insurance portfolios in run‐off in the U.S., Bermuda, Cayman, U.K. and European Union countries. www.flemingreinsurance.com
“Fleming Re was able to provide us with an attractive proposal, and close the transaction on the terms proposed, within our timeline,” said Phil Feldman, United SPC4 preferred shareholder. Fleming Re CEO, Eric Haller, stated, “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.”
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