Beechwood Re in Controllership (2018-01-11)

Summary

This is a public enforcement notice from CIMA confirming that, effective 25 July 2017, the Authority appointed Stuart Sybersma and Michael Penner of Deloitte as Controllers to take control of the affairs of Beechwood Re, pursuant to Section 24(2)(h) of the Insurance Law, 2010.

• Controllers' powers: The Controllers have assumed immediate control of Beechwood Re's affairs and hold all powers necessary to administer the company, including the power to terminate its insurance business.
• Reporting duty: The Controllers are responsible for assessing the company's financial position and submitting a report to CIMA by a date to be specified.
• Contact for enquiries: Written enquiries about the controllership should be directed to Marcin Czarnocki at Deloitte via the email or phone number given in the notice.

This notice is specific to Beechwood Re and does not impose general obligations on other insurers or regulated entities; it is informational for the public and stakeholders of that company.

Key obligations

• The appointed Controllers (Stuart Sybersma and Michael Penner of Deloitte) must assess the financial position of Beechwood Re and submit a report to CIMA by a date to be specified.

Applies to

insurers, Beechwood Re (company in controllership)

Deadlines

• a date to be specified: Controllers must submit a report on Beechwood Re's financial position to CIMA by a date CIMA will specify.