The Commissioner has filed a proposed Motion for Order Approving Conservation and Liquidation Plan for Castlepoint National Insurance Company. As part of the Conservation and Liquidation Plan, Castlepoint, CP Re and ACP Re have agreed to commute a stop loss reinsurance agreement for a cash payment of $200 million to Castlepoint. In addition, two Administrative Services Agreements will be entered for the continuity of claims servicing and payment processing. The Superior Court has set a hearing on the Commissioner's motion to approve the proposed Conservation and Liquidation Plan for September 13, 2016, at 9:30 a.m., in Department 302, at 400 McAllister Street, San Francisco, California, 94102. Also filed is the Declaration of David E. Wilson in Support of Motion for Order Approving Conservation and Liquidation Plan for Castlepoint National Insurance Company, which include Exhibit A - Plan of Conservation & Liquidation and Exhibit B - Conservation Agreement.
Please click here for a copy of the Conservation and Liquidation Plan.