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INSOLVENCY
There has been a spate of insolvencies in the insurance and reinsurance markets in recent years.
The causes of the company failure varies from case to case and the opportunities for meaningful recovery vary considerably.
ISL finds the trend for substantial financial conglomerates to allow unsuccessful insurance subsidiaries to go to the wall, without their support, very disturbing. An example of this, at government level, has been the demise of RMCA Re and ICS Re, Singapore.
As a totally independent organisation, ISL is able to cajole the ultimate owners, insolvency practitioners and others to accelerate the payment of dividends. ISL's international network allows it to make a greater impact on settlements.
Investigation work is often required to track down recalcitrant parties. A mandate to recover funds, received by ISL from a Far East client, included tracing parties in seven different regulatory jurisdictions. ISL is also able to assist parties who wish to engage in commutation.
For further enquiries, please contact Peter Taylor peter.taylor@insurancesolutions.co.uk
T. 0208 405 1801 M. 07724 352 835
Copywright ISL 2010
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