Bar Date Case
Situation:
After missing initial bar dates with early schemes and subsequently achieving less than satisfactory results by submitting claims through its domestic law firm, this policyholder sought a solution that would preserve and maximize the value of its insurance coverage profile by working with a firm that had a local presence in London and could deliver the necessary legal and actuarial support necessary to prove its claim under extremely short time frames.
Action:
The policyholder entered into a master agreement with GRC that gave the policyholder the right to assign its claims (at the policyholder's option) against newly established solvent schemes as they occurred and impacted the policyholder's coverage map.
The agreement provided the policyholder with both the flexibility and control of its insurance coverage (in terms of what coverage was sold or retained) coupled with the certainty that GRC would monitor, value, monetize and assume responsibility and risk for recoveries against solvent schemes.
Result:
This program maximized recoveries in an efficient manner that relieve the policyholder from the burdens of administering and monitoring foreign insurers while also providing Liquidity when desired.
