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.