Court upholds settlement of claims affecting reinsurance in liquidation of The Home
The New Hampshire Supreme Court has upheld a settlement of disputes and claims involving insureds and reinsureds of The Home Insurance Company, which was placed in liquidation by the New Hampshire Commissioner of Insurance. Some of The Home's reinsurers opposed the settlement. The Court upheld the settlement as within the authority of the liquidator and the Court, and fair and reasonable. This process is interesting in part because the settlement had to be approved by creditors of The Home, by a Court in the UK and by the UK's insurance regulatory body, the Financial Services Agency. In the Matter of the Liquidation of The Home Ins. Co., Case No. 2005-740 (N.H. Dec. 5, 2006).
