Pro.

Client success stories

An active European based reinsurer

Insolvent debts

Download article

Debt purchase – Establish claims and purchase insolvent debt Client description

An active European based reinsurer

 

The Client’s requirements

•Limited resource capacity resulting in potential loss of reinsurance asset

•Substantial reinsurance recoveries due from an overseas insolvent reinsurer

•No proof of claim established and no dividends being received

•Difficulties with incomplete broker records resulting from previous merger involving original broker where broker systems converted and then broker servicing outsourced

 

Our solution

•Utilise our existing working relationships with the liquidator and administrator of insolvent reinsurer and the current UK based broker

•Access sufficient data between the parties to reconcile balances to a point in time, enabling a proof of claim to be filed and a scheme claim established on behalf of the client

•Purchase of the established claim for an immediate cash payment

•Ongoing review of the brokers archive systems to identify significant additional balances, enabling supplementary claims to be established and purchased by Pro

 

Services/Value delivered

•Accelerated cash flow for client from immediate cash payment

•Mitigation of credit risk associated with potential loss of reinsurance assets arising from limited resources and access to key contacts and problems with data and records

•Solution in place to assist with identification and establishment of additional claims

Download article