STORY FROM: Reinsurance & Arbitration
Platinum Partners Receiver Agrees to Pay $14 Million to Insurers in Beechwood Re Fraud Case
July 8, 2020
NEW YORK — The receiver for Platinum Partners has agreed to pay $14 million to a group of insurers, including the insolvent Senior Health Insurance Company of Pennsylvania, to settle a long-running battle in which the insurers sought to recoup $44 million they had sunk into the defunct hedge fund.
The receiver filed the proposed settlement agreement with the U.S. District Court for the Southern District of New York on July 2.
SHIP, a Pennsylvania long-term care insurer, was owned by a charitable trust, Senior Health Care Oversight Trust, which was formed to manage the solvent run-off of SHIP’s ...