| Run-off
Administration
Solvent status
In today's fast-paced environment Novus recognises that there will
always be changing business needs and models that will necessitate
a corporation taking action to close down operating business units.
Novus manages the entire process for Bermuda domiciled insurers
and/or re-insurers needing to take these steps, whether the company
is publicly or privately held.
The team at Novus maintains all books and records, processes bordereaux,
handles claims, tracks underwriting results, manages cash, supervises
and reports upon investment fund managers and manages reinsurance
recoveries.
We also liaise with and report to regulators, legal counsel, shareholders
and all third parties involved.
The Novus teams' familiarity with the processes enables and ensures
the speediest resolution for those entities requiring professional,
high-end run-off administration for currently solvent units.
Insolvent status
Novus knows that there are unique challenges associated with insolvent
status run-off administrations and the team provides practical management
of negotiations with creditors, regulators and liquidators. We oversee
the design and implementation of Schemes of Arrangement prior to
final liquidation.
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