Business Services Industry

Creditors of failed reinsurer.(News)

Business Insurance, November, 2006 by McLeod, Douglas

Byline: Douglas McLeod and Roberto Ceniceros Workers comp policyholders that are creditors in the Hatteras Re liquidation include: * Aramark, which placed its direct workers comp coverage with U.S. units of ACE Ltd. and retained part of the program through Cayman-based Actis Assurance Segregated Portfolio Co.

Ltd. Hatteras provided coverage in two ways: as a reinsurer of Actis and a loss portfolio reinsurer of a block of Aramark workers comp business that had been written by the now-insolvent Reliance Insurance Co. Hatteras set up two U.S. premium trust accounts for Aramark and two others for the benefit of ACE for the 2004 and 2005 policy years, court filings show. In July, the liquidators agreed to lift the bankruptcy court's restraining order to let...

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