Winding Up - Greins Global Ltd. (2021-04-20)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up Greins Global Ltd., a Class 1 insurer registered on 29 December 2015. The Supreme Court issued a winding-up order on 19 March 2021 and appointed an Official Receiver as provisional liquidator of the company.

• Fee default: Failure to pay annual business fees for 2019 by the prescribed deadline, breaching Section 14(3) of the Insurance Act 1978.
• Filing default: Failure to meet the statutory financial statements filing deadline for the year ended 31 December 2018, breaching Section 17(3) of the Insurance Act 1978.
• Solvency breach: Failure to meet the required minimum solvency margin as at 31 December 2017, breaching Section 31A of the Insurance Act 1978.

The notice is purely informational, recording enforcement action already taken by the Authority and the court. It does not create ongoing obligations for other regulated entities; it serves to inform stakeholders and policyholders of the company's liquidation and to direct inquiries to the Official Receiver.

Applies to

Class 1 insurers, insurers