Bestpark formerly operated as an insurance company underwriting direct and reinsurance risks in the London market. Bestpark insured business across the world and multiple classes with gross written premiums exceeding £885m during its active life.
On 29 November 2002 Bestpark, then known as Trenwick International Limited, ceased to accept new business (other than committed risks such as latent defects) and since that date its principal activity has been the administration of existing business in force and the settlement of outstanding claims. Charles Taylor PLC had owned the company from 2005 when it was acquired from LCL Group.
Ashbrooke worked closely with Charles Taylor PLC to craft a suitable solution to the specific problems associated with late stage run off and of undercapitalisation faced by Bestpark in light of the impending introduction of the Solvency II regime.
This tailored solution was devised by analysing the individual circumstance and detailed position of Bestpark whilst negotiating the complex regulatory regime as it crossed into Solvency II. Ashbrooke completed the transaction on 19 February 2016 following receipt of the regulatory approval for the change in control.
A set of Statutory Accounts for the year ending 31 December 2016 can be downloaded here.
Bestpark is regulated by the Prudential Regulatory Authority (“PRA” – part of the Bank of England) and the Financial Conduct Authority (“FCA”).