Generali: November 2007 - April 2010
This transaction saw the first use of reinsurance to meet statutory funding requirements. The Part VII transfer of liabilities from the London branch of Generali Assurances Générales was completed in October 2007. This approach reduced the cost of raising the statutory capital while providing policyholders with the additional comfort of a transfer backed by a company with an A+ rating.
In February 2008 a scheme of arrangement was approved by the policyholders and the scheme was sanctioned by the High Court on 23 April 2009.
The scheme was completed in April 2010.