3rd Party Insurance Recovery

The client.

More than 15 manufacturing/energy companies.

The business issue.

Many of The Claro Group's clients have historical insurance coverage with the London Market. Specifically, a significant portion of these policies are insured by London Market Companies, as opposed to syndicates of names (who are now represented in run-off by Equitas).

A significant number of London Market Companies are now undergoing transitions to “Schemes of Arrangement,” whereby existing policy-holders must issue claims and vote yes or no to a proposed scheme by a vote date. If claims are made after that date, they will not be honored. Claims made prior to the bar date may be commuted (bought out) if an appropriate deal value can be reached.

The solution.

The Claro Group is actively representing more than 15 clients by monitoring and achieving optimal insurance recoveries from London Companies entering into Schemes of Arrangement. We do this by tracking voting and bar dates, developing and administering claims submissions, and assisting in negotiations scheme administration, where appropriate

The results.

This approach enabled these manufacturing and energy clients to benefit from:

• The Claro Group's relationships with London Market representatives, including scheme administrators.
• Efficiencies in communicating, negotiating and otherwise dealing with these schemes.