Portfolio restructuring combined with full legal and financial finality
Prior to 2017, few options existed in the US market, when trying to isolate parts of your business. You either had to keep the portfolio in-house and run it through to expiry, come to a reinsurance arrangement, or sell the entire legal entity.
Now in 2017, achieving portfolio restructuring and legal finality is also possible in the United States. The Department of Business Regulation in the State of Rhode Island has amended Insurance Regulation 68 to allow for Insurance Business Transfers. Giving (re)insurers the ability to: “transfer liabilities and assets in accordance with the procedures delineated in this Regulation”.
ProTucket is the first dedicated run-off carrier to ever file and be granted license by the State of Rhode Island. Drawing on our 30 years of proven legacy delivery. It brings together both insurance carriers and capital providers to transact and isolate portfolios in a new and efficient mechanism.
ProTucket offers a complete solution. It can create and file the Insurance Business Transfer (IBT), provide a dedicated vehicle, service the protected cell, identify interested reinsurers, and deliver full claims management services.
From beginning to end we deliver your organisation true legal and financial finality from run-off business.
We work with organisations, pre and post transaction, to deliver feasibility studies, in-depth advisory and transaction planning. Alongside on-going management of claims, regulation and reporting requirements. We believe policyholders will gain from the concentrated management of specific portfolios, specifically from our expertise in claims management. They will also benefit from the close monitoring that the Department of Insurance in Rhode Island will provide.