Court approval of an insurance business transfer (IBT) between two Enstar Group Limited affiliates provides a useful proof of concept for this legacy solution in the US. IBT provides insurers with an expanding regulatory toolkit alongside sale, reinsurance, and accelerated closure. So, what new doors does the first application of the Oklahoma IBT statute open and what does it say about the direction ahead?
On October 15, 2020, the Oklahoma County District Court approved the IBT plan between two Enstar Group affiliated entities: Providence Washington Insurance Company and Yosemite Insurance Company (the ‘Enstar Plan”). The Enstar Plan and the Court Order (the ‘Order) represent the first successful use of Oklahoma’s IBT statute since that legislation was adopted in 2018. A copy of the Order is available here.