GVHR » Topics » We may not be successful in recovering the remaining premium we paid to a Bermuda reinsurance company that is subject to liquidation proceeding.

This excerpt taken from the GVHR 10-K filed Mar 16, 2007.
We may not be successful in recovering the remaining premium we paid to a Bermuda reinsurance company that is subject to liquidation proceeding.
 
We cannot assure you that we will be successful in recovering the remaining $1.65 million in premium that we paid to a Bermuda reinsurance company that became the subject of a liquidation proceeding in Bermuda. The reinsurer became subject to the liquidation proceeding as a result of its failure to meet regulatory obligations of the Bermuda Monetary Authority. In the second quarter of 2006 we recorded a loss for the full amount of the premium we paid to the reinsurer for coverage in 2006 ($4.65 million) and then recovered a portion of the premium in the third quarter of 2006 ($3.0 million). There are several risks to the recovery of all or a portion of the remaining premium including a potential lack of funds in the estate and the potential for an adverse ruling in the liquidation proceeding.
 
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