Orion opt-out ruling offers hope for solvent schemes

The UK High Court sanctioned a landmark scheme of arrangement for
Orion Insurance Company and The London and Overseas Insurance
Company Ltd late last month (29 October), in a move that will allow
legacy players to continue to extract value from their liabilities.
Solvent schemes of arrangement are exit mechanisms that enable
(re)insurers to wind up their liabilities early. However, such
schemes have attracted greater scrutiny from the UK regulator in
recent years amid concerns about the protecti