Fleming International Reinsurance Ltd. ('Fleming'), the Bermuda legacy specialty property & casualty reinsurer, has successfully restructured its debts by way of scheme of arrangement. Pursuant to an order of the Supreme Court of Bermuda made on 26 June 2026 sanctioning the scheme and subsequent recognition obtained pursuant to Chapter 15 of the United States Bankruptcy Code, the scheme became effective on 28 July 2026. This permits the company to engage in an orderly run-off of its liabilities to maximize return to cedants.
Our insolvency and dispute resolution, corporate, regulatory and employment teams acted as Bermuda counsel to Fleming. This involved preparation and promotion of the scheme, the provision of regulatory and employment advice as well as appearances before the Supreme Court of Bermuda seeking permission to convene the scheme meetings and sanction the scheme. The team was led by Bermuda office managing partner Kevin Taylor, and comprised of senior counsels Trevor Goulet and Benjamin Green, senior associates James Sellick and Joshua Bradbury and employment partner Nick Vernon.
Congratulations to Fleming and the Chaffetz Lindsay LLP team who acted as U.S. counsel. It has been our pleasure assisting with this restructuring and working with you once again.