Scottish Re Group, a Bermudian life reinsurance company, has commenced the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (SALIC), and SALIC’s US subsidiary, Scottish Holdings (SHI).
The sale and restructuring plan is being implemented through the initiation of US Chapter 11 proceedings in the US Bankruptcy Court of Delaware for SALIC and SHI.
In connection with the Chapter 11 filing, a stock purchase agreement (the “SPA”) has been executed between SALIC and SHI, on the one hand, and on the other an investment fund advised by Hudson Structured Capital Management.
Upon completion of the SPA, Hudson Structured will own 100% of the stock of the reorganised SALIC. Hudson Structured carried out certain documents associated with the SALIC/SHI Chapter 11 in order to act as plan sponsor of the SALIC/SHI Chapter 11.
Scottish Re in a statement said: “The SALIC/SHI Chapter 11 is a critical step in Scottish Re’s sale and restructuring plan, which in addition to the sale of SALIC and SHI, also includes the sale to Hudson Structured of certain of SALIC’s subsidiaries, including Scottish Re (US) and Scottish Re (Dublin) dac (SRD) (the sale and restructuring).”
The restructuring process, which has completed in the execution of the SPA, was originally announced May 2017, when Scottish Re started voluntary provisional winding up proceedings in Bermuda with ancillary proceedings in the Cayman Islands.
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Hudson Structured Capital Management invests in reinsurance and insurance-linked assets across all lines of businesses.