Debt Purchase
Lingering debts with insurers and reinsurers may fundamentally affect your companies’ performance.
With our skills and access to a worldwide network of valuations specialists our expertise in this sector enables us to purchase accounts that other organisations may have declined. As long as the debt has a value and can be supported by a contract the debt purchase may be the solution for you.
We achieve this by ensuring that the contractual relationship between the original parties remains unaffected, however through an assignment agreement we are able to quickly and easily transfer the benefits due under the policies in question to Risk Resolutions subject to an agreed payment by us.Prior to the purchase Risk Resolutions will put into place a mutually agreed confidentiality agreement which will enable us to verify the debt and provide Risk Resolutions access to information so that we can carry out due diligence speedily and remotely. This is subject to ensuring that the appropriate information has been timely supplied including but not limited to the following:
- Full details of type of business the debt arises under
- Slips and wordings and policy documents detailing parties on risk
- Broker’s documentation
- Full underlying settlement details where possible
- Any outstanding billing supporting documents such as ARCF’s, collection notes
- Analysis of debt documents including breakdown by aged debt, billing, reinsurer, IBNR reserves and case reserves.
