Notice: Excelsior Insurance Ltd (2020-08-28)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up Excelsior Insurance Ltd, a Class 2 insurer registered in 2016. The winding-up order was made on 28 August 2020, and joint provisional liquidators from Deloitte Ltd have been appointed to manage the company going forward.

• Section 8(1A): Failure to appoint and maintain a principal representative in Bermuda
• Section 15: Failure to prepare Statutory Financial Statements for its insurance business from 2017 to 2019
• Section 15A: Failure to deliver a declaration of compliance with section 15A for the years 2017 to 2019
• Section 17: Failure to file copies of its Statutory Financial Statements with the Authority from 2016 to 2019

The Authority states these breaches were serious due to their extent and duration and undermined confidence in Excelsior's ability to manage its affairs, prompting the winding-up petition to protect policyholders and the jurisdiction's reputation. The notice is informational, directing anyone with questions about the liquidation to contact the appointed liquidators or the Authority.

Applies to

Class 2 insurer, insurers registered under the Insurance Act 1978