N.H. Court Grants Home Liquidator’s Motion to Approve Reinsurance Commutation Agreement

MERRIMAC, N.H. — A New Hampshire court has approved a reinsurance commutation agreement between the liquidator of The Home Insurance Co. and Providence Washington Insurance Co. (PWIC), which settles all of Home’s ceded and assumed business to PWIC and resolves all of PWIC’s contribution claims against Home.

The New Hampshire Superior Court said the commutation agreement “is reasonable, prudent, and in the best interests of the liquidation of Home.”

Home entered liquidation in 2003 and the New Hampshire insurance commissioner was appointed liquidator. In an Oct. 18 motion, the liquidator asked the liquidation court to approve a commutation, settlement and …