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Workers comp policyholders that are creditors in the Hatteras Re liquidation include:
Hatteras set up two U.S. premium trust accounts for Aramark and two others for the benefit of ACE for the 2004 and 2005 policy years, court filings show. In July, the liquidators agreed to lift the bankruptcy court's restraining order to let Aramark and ACE draw on the trusts to cover claims.
An ACE spokesman declined to comment.
Working through reinsurance broker Guy Carpenter & Co., Gevity paid a $5.2 million premium for the Hatteras coverage in February 2006. In September, Hatteras liquidators reached a settlement with Gevity, paying the staff leasing company $3 million in cash and allowing it a $2.2 million unsecured claim against the Hatteras estate. The claim represents part of the $6 million Gevity had to pay for replacement reinsurance, court filing say.
The settlement agreement specifically preserves potential Gevity claims against other parties in the workers comp placement, including Mr. Meadows and Guy Carpenter.
A Carpenter spokesman declined to comment, and Gevity representatives could not be reached.