Food Products Company – Captive Novation
Old Republic was approached by a former customer with a desire to transfer liabilities out of a wholly owned captive. Due to a series of acquisitions, the insured found themselves owning and managing (and paying for) several different wholly owned captive insurance companies, all domiciled in the U.S. Old Republic was asked to consider a termination of the existing reinsurance agreement and transfer of the liabilities to either another wholly owned captive or possibly a third party reinsurer.
After much analysis on all sides, the insured decided to transfer the risks from one wholly owned captive to another. Working with the insured, their broker, the captive manager and within the strict oversight of insurance regulators, the transaction was consummated and made effective, matching the wishes of our former customer.
In the end, Old Republic put forth solutions to the client / broker and helped solve their insurance coverage problems. This is another example of how Old Republic listened to our clients and brought value to the table.
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