Re Northstar Financial Services (Bermuda) Ltd and Omnia Ltd [2023] SC (Bda) 57 Civ

Erskine Chambers is pleased to share the judgment in 𝐑𝐞 𝐍𝐨𝐫𝐭𝐡𝐬𝐭𝐚𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 (𝐁𝐞𝐫𝐦𝐮𝐝𝐚) 𝐋𝐭𝐝 𝐚𝐧𝐝 𝐎𝐦𝐧𝐢𝐚 𝐋𝐭𝐝 [2023] 𝐒𝐂 (𝐁𝐝𝐚) 57 𝐂𝐢𝐯

Following a directions hearing lasting 5 days, Hargun CJ delivered an important judgment concerning, and upholding, the integrity of the statutory regime governing the creation and operation of Segregated Accounts Companies in Bermuda.

That judgment provides the first comprehensive review of the statutory regime under the Segregated Accounts Companies Act 2000 (SACA) and has potentially far-reaching consequences for the insurance and reinsurance markets in Bermuda.

Michael Todd KC (of Erskine Chambers) appeared with Christina Herrero of Marshall Diel & Myers Limited (Bermuda), who were assisted by Tom Hall (of Erskine Chambers), for the joint provisional liquidators of Northstar Financial Services (Bermuda) Ltd and Omnia Ltd.

Edward Davies KC (of Erskine Chambers) appeared with Jennifer Howarth of MJM Ltd (Bermuda) for the variable class of creditors.

Please click below to read the case summary and judgment.