Bermuda-based captive insurer Northeastern Insurance Co. Ltd. has filed for Chapter 15 bankruptcy protection in the US District Court for the Southern District of New York, citing financial strain caused by the state's extension of the statute of limitations on sex abuse cases, InsuranceBusinessMag.com reported. According to court filings, Northeastern decided, in 2017, to stop underwriting new business and enter a runoff process. At the time, the company said it maintained adequate reserves.
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A Bermuda captive that insured several New York hospitals affiliated with a leading Jewish not-for-profit organization says it is insolvent, citing millions of dollars in child sex abuse claims brought against it under the state’s Child Victims Act (CVA), the Insurance Journal reported. Northeast Insurance Co. has filed for “winding-up” of its business in Bermuda Supreme Court and has submitted a Chapter 15 filing in federal bankruptcy court in New York asking it to recognize those Bermuda liquidation proceedings.
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Afiniti is set to exit chapter 15 bankruptcy following court approvals of a recapitalization transaction, CXToday.com reported. The company secured the transaction by working with lenders led by Vista Credit Partners and The Resource Group International Ltd., a significant shareholder. By doing so, Afiniti has bounced back from bankruptcy quickly, which it filed with the Delaware courts on November 3, 2024. That filing ensured protection from the U.S. courts as the contact center AI vendor evaluated how to pay back the money it owed, inside and outside the country.
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As crypto and DeFi both accelerate, the immediate need for adequate regulations is becoming more apparent, and more challenging. For innovative financial technologies, often the best solution is to find jurisdictions that offer sophisticated and forward-thinking regulatory frameworks, TheStreet.com reported. This concept has worked wonders for Singapore, Hong Kong, and Dubai, but now it’s the Bermuda Monetary Authority (GMA) that is attracting cutting-edge blockchain businesses.
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Bermudian-domiciled artificial intelligence firm Afiniti Ltd, which once said it would bring 1,000 jobs to the island, filed for Chapter 15 bankruptcy recognition in the U.S., the Royal Gazette reported. “We are continuing to make progress on our balance sheet restructuring, which will strengthen our financial foundation and position us well for future growth and success,” said Hassan Afzal, Afiniti’s chief executive.
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