COMMUTATION AGREEMENTS BETWEEN RELIANCE INSURANCE COMPANY (IN LIQUIDATION) AND THREE REINSURERS APPROVED
A Pennsylvania court has approved commutation agreements between Reliance Insurance Company (in Liquidation) and reinsurers Connecticut General Life Insurance Company (“Connecticut General”), Phoenix Life Insurance Company (“Phoenix”), and Hannover Rueckversicherung AG and E + S Rueckversicherung AG (“Hanover”), respectively. The Reliance Estate will receive $7,044,565 from Connecticut General and $5,017,408 from Phoenix for commuting obligations on reinsurance policies written through Unicover Managers covering workers’ compensation losses. Hanover will pay $4,790,789 to the Reliance Estate in exchange for commuting liabilities on reinsurance contracts covering various lines of business including accident and health, aviation liability, and D&O liability.
This post written by Ben Seessel.
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