On November 8, 2023, Arrowpoint Capital announced that Arrowood Indemnity Company has been placed into, and has consented to, liquidation by order of the Chancery Court of Delaware.
Arrowpoint Capital acquired the U.S. insurance operations of Royal & Sun Alliance Insurance Group plc in 2007. Arrowood Indemnity is formerly known as Royal Globe Insurance Company and/or Royal Indemnity Company.
Dennis Cahill, President & CEO, said the liquidation was due, in part, to “the enactment of child victim act statutes and the continued emergence and re-emergence of claims related to legacy insurance policies issued decades ago continue to adversely impact the company’s financial condition.” Read the company’s full statement here.
Like Bedivere Insurance Company’s liquidation in 2021, Arrowood Indemnity’s liquidation action has a potentially far-reaching impact in the world of long-tail, toxic tort, and latent injury claims, which are typically covered by general liability policies formerly written by companies like Arrowood Indemnity.
As a result of this liquidation order, all claims need to be filed with the Receiver on or before January 15, 2025, or “be barred forever from recovering on claims against Arrowood, or its estate.” The Delaware Department of Insurance Commissioner, Trinidad Navarro, serves as the Receiver.
For more information about the liquidation action, the Complaint for Entry of a Liquidation and Injunction Order with Bar Date can be viewed in full here.
THERE IS STILL TIME
If you’re facing a long-tail liability, toxic tort, or latent injury claim and any of the carrier names listed in this article sound familiar, please contact PolicyFind. There is still time for our team to help you locate and present your evidence of coverage and to submit Proof of Claim, ahead of the Claims Bar Date set for a little more than a year from now.