The Appleby team was led by Cayman’s Head of Insurance, Simon Raftopoulos. Lead attorney on the transaction, Samuel Banks, commented “This was an interesting and unique transaction for Cayman. It is exciting to see the market embracing the Cayman Islands Monetary Authority’s flexible and risk-based approach to setting capital requirements.”
ORIX originally announced that its subsidiary, ORIX Life Insurance Corporation (ORIX Life) would purchase all issued shares of HLIKK then held by The Hartford, on 28 April 2014 Completion of the acquisition of the outstanding shares of HLIKK occurred on 1 July 2014. ORIX Life plans to merge with HLIKK in a timely manner to enhance its capital strength and improve the soundness of its management, in view of accelerating its growth.