Winding Up - 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, under section 35 of the Insurance Act 1978 and the Companies Act 1981. The Court appointed joint provisional liquidators from Deloitte Ltd to manage the wind up. The notice is informational, documenting enforcement action already taken rather than imposing new ongoing requirements on other entities.

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

The notice states the Authority viewed these breaches as serious due to their extent and duration and lost confidence in Excelsior's ability to manage its affairs, prompting the winding up petition. Parties with questions about the liquidation are directed to contact the appointed liquidators or the Authority.

Applies to

Class 2 insurer, insurers registered under the Insurance Act 1978