US Pharmaceutical Corporation and a London Products Claim
A major US pharmaceutical company had successfully recovered against solvent carriers in the London market for a large undisclosed sum. They had been advised that they had no option left but a bottom line write off of $20 million against insolvent London carriers.
To date InSolutions has been able to recover $6 million within 9 months and a projected net recovery of $12 million or 60% of the original claim is expected.
These funds have been used to offset the ongoing claims exposure, which would have needed to be met from operating revenue. It also freed the risk management team from the task of long distance debt recovery and all fees were on a contingent fee basis resulting in no additional direct charges for the insurance department.
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