Appleby acted as Bermuda counsel for Fleming Reinsurance Ltd., a Bermuda-based specialist run-off insurer, in connection with its licensing as a Class 3A insurer. In January 2019, Fleming Reinsurance Ltd. announced the completion of its first run-off transaction.
Fleming Reinsurance Ltd. was initially licensed as a Class 3 insurer in 2015. Appleby was instructed to provide regulatory advice and insurance expertise in connection with its license as a Class 3A insurer. Appleby assisted with obtaining its license in December 2018 and in January 2019, Fleming Reinsurance Ltd. announced the completion of its first run-off transaction with the novation of all liabilities from Cayman-based captive insurer United SPC Segregated Portfolio #4.
Fleming Reinsurance Ltd. seeks to both consolidate and innovate the legacy risk transfer market through the use of unique structures, efficient capital, and ability to close within tight timelines.
Partner Brad Adderley led this transaction, with assistance from Associate Shannon Cann.