Insolvent Insurers Recovery
Hoke LLC has consistently recovered substantial sums from insolvent insurers in the U.S. and U.K.
The old axiom that there is no such thing as “free money” may be generally true, but recovery of long-forgotten insurance assets is the next best thing. Most of our clients have at least some historical coverage that still has value issued by insurers that are now insolvent in the U.S. or the U.K. Collection on these policies rarely requires litigation and we settle most of these cases with minimal transaction costs.
In addition to our domestic insurance insolvency recoveries, we have deep knowledge and experience presenting Lloyds and U.K. Scheme of Arrangement claims. When appropriate, we have well-developed relationships with policy archaeologists to assist in locating these valuable assets.
As Director of the Illinois Department of Insurance, Rob Muriel served as the statutory receiver for insolvent or financially troubled Illinois insurance companies placed in judicially supervised receivership. Subject to court supervision, his responsibility was to marshal assets and distribute those assets to consumers and other creditors pursuant to statutory claim procedures.
We represented the policyholder with the largest successful recovery in the Integrity Insurance insolvency in New Jersey that lasted 25 years (recovering in excess of $53M), despite only being hired by our client after the Bar Date (we sought a hardship waiver and prevailed) and a year from closure. We also represented the policyholder with the fourth largest recovery in the Integrity insolvency ($12M). We also successfully represented one of the largest creditors in the pending Home Insurance insolvency in New Hampshire (successfully secured a $33M claim allowance). In addition, we have a long history of successful multi-million dollar recoveries from London Company Schemes of Arrangement. In one such representation, we recovered 180% of the available limits by making a novel “cost-in-addition” to limits argument.
We are willing to evaluate, investigate and present these claims on a full contingency basis.
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- Rob Muriel Appointed to United Policyholders Board of Directors
- Amalia Rioja Confirmed as Chair of the Ethics Commission of the State of Illinois
- Conduct RFP and Implement Web-Based System for 60,000 Insurance Claims
- Hoke LLC in the Media: Law 360, Business Insurance, Bloomberg, JD Supra