In summer 2009, a leading reinsurance broker invited 16 service providers to tender for the run-off of their Lloyd’s broker, its USA sister Broking Company and its USA service company. Our client had begun to lose market shares two years prior to this invitation and when its leading business producers resigned to join rival broking houses, the owners decided to put all three companies into run-off. Our client’s requirement was to receive options for the handling of the run-off that was expected to run for 10 years
We removed the uncertainty of legacy businesses, which moved our broking clients away from their primary role of winning and servicing ‘live’ businesses.
Requiem purchased the three companies, and provided a true finality solution through its Broker Wrap product.
The proposed acquisition was subject to a 6 month due diligence phase prior to completing the transaction to enable Requiem to drill down into the IBA ledgers to identify any funding issues (if found a provision would need to be supplied). However, this meant that the owners were able to walk away from their companies immediately after the transaction was completed and did not have to fund office space, systems and employees for the period of the run-off.
Our client was impressed with the bespoke solution we offered them and the opportunity to complete the run-off in a short period of time.
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