Guide to Solvent
Schemes of Arrangement
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the
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Industry
1 May 2010
Solvent Schemes of Arrangement
(1)
Scope
(2)
Home Jurisdiction Scheme Advisers
Arig (UK) Company UK PricewaterhouseCoopers
Arion Company Bermuda PricewaterhouseCoopers
Aviation & General Company UK PricewaterhouseCoopers
Blackfriars Company UK PricewaterhouseCoopers
CEAI Certain business Belgium PricewaterhouseCoopers
City General Company UK PricewaterhouseCoopers
City General (Ex Generali Assurances Générales Business) Company UK None
Colonia (Ireland) Company Ireland Ernst & Young
Crombie (UK) Company UK KPMG
Deutsche Rück UK Reinsurance Company Ltd Certain business UK KPMG
Dunedin Pool
(4 companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
UK PricewaterhouseCoopers
(4 companies)
Dutch Aviation Pool
For full details of companies and/or
Netherlands
PricewaterhouseCoopers
Dutch
Aviation
Pool
(18 companies)
For
full
details
of
companies
and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
Netherlands
PricewaterhouseCoopers
(18 companies)
European Re of Zurich Certain business Switzerland PricewaterhouseCoopers
E W Payne Excess of Loss Pools
(82 companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
Various KPMG
(82 companies)
FIGRE Company UK PricewaterhouseCoopers
GLOBAL General Certain direct insurance business UK PricewaterhouseCoopers
GLOBAL General Certain reinsurance business UK PricewaterhouseCoopers
GLOBALE Rückversicherungs-AG Certain business Germany PricewaterhouseCoopers
Global London Market Pool
(5 companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
Various PricewaterhouseCoopers
(4 companies)
KPMG (1 company)
Gordian RunOff (UK) Company UK Deloitte
Great Lakes Re (UK) Certain business UK PricewaterhouseCoopers
Harrington International Certain business Bermuda KPMG
Hassneh (UK)
Company
UK
PricewaterhouseCoopers
Hassneh
(UK)
Company
UK
PricewaterhouseCoopers
HIR (UK) Company UK RSM Robson Rhodes
Hopewell International Company Bermuda None
ING
(5 companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
Various PricewaterhouseCoopers
(5 companies)
ING Re (UK) Company UK PricewaterhouseCoopers
Korean (UK) Company UK Ernst & Young
PwC
PwC
To find out more about us please visit our website http://www.pwc.co.uk/discontinuedinsurance
For more details of Solvent Schemes of Arrangement, including some which have been issued but are not yet effective and therefore not
shown above, please see http://brsuk.pwc.com/solvent.asp
1 May 2008
Guide to Solvent Schemes of
Arran
g
ement for the Insurance Industr
y
Solvent Schemes of Arrangement
(1)
Scope
(2)
Home Jurisdiction Scheme Advisers
La Metropole Certain business of UK branch Belgium PricewaterhouseCoopers
gy
1 May 2010
La Mutuelle du Mans Assurances Certain business of UK branch France Scottish Lion Underwriting Agencies
Lakewood Company UK PricewaterhouseCoopers
LaSalle Re Company Bermuda KPMG
Lion City Run-Off Private Company Singapore KPMG
Ludgate Company UK PricewaterhouseCoopers
Malayan (UK) Company UK Chiltington
Mariner Reinsurance Company Limited Company Bermuda KPMG
Marlon Certain business UK PricewaterhouseCoopers
Meadows Indemnity Company Limited Company UK Ambant Limited
Mercantile & General Re Company UK PricewaterhouseCoopers
Minster (7 companies) For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
UK PricewaterhouseCoopers
Moorgate Certain business UK KPMG
Mutual of Omaha (UK) Company UK PricewaterhouseCoopers
National Insurance & Guarantee Corporation Certain business UK PricewaterhouseCoopers
Nichido Fire & Marine of Japan UK branch Japan None
NRC Re Company Bermuda PricewaterhouseCoopers
NRG London Australian branch UK None
NRG Victory Australia Company Australia None
Osiris Company UK KPMG
Oslo Re (UK) Certain business UK KPMG
Oslo Re ASA Certain business Norway KPMG
PanFinancial Com
p
an
y
UK None
py
Pender Mutual Certain business Isle of Man KPMG
QBE Re (UK) Certain business UK PricewaterhouseCoopers
Quincy Mutual Fire UK branch USA Begbies Traynor
Ramus Company Bermuda PricewaterhouseCoopers
Reliance National Asia Re Company Singapore Ernst & Young
Reliance National (Europe) Certain business UK KPMG
Scottish & Commonwealth Company Bermuda PricewaterhouseCoopers
S tti h E l
C
UK
Pi t h C
S
co
tti
s
h
E
ag
l
e
C
ompan
y
UK
P
r
i
cewa
t
er
h
ouse
C
oopers
Seven Continents Company Bermuda KPMG
Sphere Drake Certain business UK PricewaterhouseCoopers
SRO Run-Off Company Bermuda PricewaterhouseCoopers
St Helen’s Trust (5 companies) and, in relation to Prudential
Assurance, certain London Market business
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
UK PricewaterhouseCoopers
(5 companies)
Tanker Company UK PricewaterhouseCoopers
Transcon
Company
Bermuda
PricewaterhouseCoopers
Transcon
Company
Bermuda
PricewaterhouseCoopers
Trent Company Bermuda PricewaterhouseCoopers
Trident Pool
(2 companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
UK PricewaterhouseCoopers
(2 companies)
Trimark Pool
(47 solvent companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
Various KPMG
(47 companies)
Unione Italiana (UK) Re Certain business UK PricewaterhouseCoopers
Walton
Company
Bermuda
KPMG
PwC
Walton
Company
Bermuda
KPMG
WFUM Pools
(14 solvent companies)
For full details of companies and/or
business included in the scheme please go
to http://brsuk.pwc.com/solvent.asp
Various PricewaterhouseCoopers
(6 companies)
KPMG (8 companies)
Winterthur Swiss Certain business Switzerland None
Notes
(1) This table includes Solvent Schemes of Arrangement that have become legally effective. The information contained in this schedule has been derived solely from statutory notices and other data available from national
newspapers, industry journals and appropriate scheme web-sites. The information has not been independently verified by PricewaterhouseCoopers.
(2) In some cases certain policies have been excluded from the scope of the Solvent Scheme of Arrangement. Full details are provided in the relevant Solvent Scheme of Arrangement document, some of which can be found
at http://brsuk.pwc.com/solvent.asp
Guide to London Market
Insolvencies since 1989
Insolvency Procedure Organisation
Administration Date of Administration Administrators
1 May 2010
Folksam International (UK) 19 July 2002 PricewaterhouseCoopers
Highlands Insurance (UK)
(1)
1 November 2007 PricewaterhouseCoopers
Provisional Liquidation Date of Provisional Liquidation Provisional Liquidators
Återfőrsäkrings AB LUAP – UK Branch 1 July 2002 PricewaterhouseCoopers
Home – UK Branch 8 May 2003 Ernst & Young
Independent Insurance 17 June 2001 PricewaterhouseCoopers
Run-off Scheme of Arrangement Current Dividend Scheme Administrators
BAI (Run-off) 5% PricewaterhouseCoopers
Chester Street 5% PricewaterhouseCoopers
Drake 63% Deloitte
English & American 35% KPMG
HIH
(2)
(8 companies) See note (2) KPMG/McGrathNicol
Home
(3)
Undeclared Ernst & Young
Insurance Corporation of Singapore (UK) 100% PricewaterhouseCoopers
Monument
(4)
36.9% (final) PricewaterhouseCoopers
New Cap Reinsurance Corporation Limited
(5)
23.64% Ernst & Young
OIC Run-Off (formerly Orion) London & Overseas
(6)
50% PricewaterhouseCoopers
Paramount 40% PricewaterhouseCoopers
Valuation Scheme of Arrangement Current Dividend Scheme Administrators
AA Mutual International
(7)
31.4% (final) PricewaterhouseCoopers
AFG Insurance Undeclared Ernst & Young
Andrew Weir (converted from run-off)
(7)
49.65% (final) PricewaterhouseCoopers
Anglo American (converted from run-off) 100% (final) KPMG
Aneco
(8)
72.6%
(
final
)
PricewaterhouseCoo
p
ers
()
p
Bermuda Fire & Marine (converted from run-off) 87% Ernst & Young
Black Sea & Baltic
(7)
57.69% (final) PricewaterhouseCoopers
BNIB
(9)
100% (final) PricewaterhouseCoopers
Bristol Re
(8)
55.1% (final) PricewaterhouseCoopers
Bryanston (converted from run-off) 60.61% (final) PricewaterhouseCoopers
Chancellor (converted from run-off) 42.1% (final) Deloitte
Charter Re
(10)
90.58% (final) PricewaterhouseCoopers
Compagnie Europeenne de Reassurances
(
11
)
0 52% (final)
PricewaterhouseCoopers
Compagnie
Europeenne
de
Reassurances
()
0
.
52%
(final)
PricewaterhouseCoopers
Fremont (UK)
(4)
38.34% (final) PricewaterhouseCoopers
Hawk
(4)
23% (final) PricewaterhouseCoopers
ICS Re
(12)
88.8% (final) PricewaterhouseCoopers
KWELM (converted from run-off) K-84%, W-100%, E-100%, L-87%, M-75% CJ Hughes and CG Reynolds
Marina Mutual Insurance 34% (final) Grant Thornton
Municipal General Insurance
(13)
90% JB Stephenson and GR Gadsby
New Cap Reinsurance (Bermuda)
(14)
33.85% (final) Ernst & Young
N th Atl ti
24%
Pi t h C
N
or
th
Atl
an
ti
c
24%
P
r
i
cewa
t
er
h
ouse
C
oopers
Pacific & General Insurance Undeclared Grant Thorton
Pan Atlantic 6.93% (final) Grant Thornton
Pine Top
(15)
24.9% (final) Ernst & Young
RMCA Re
(12)
93.04% (final) PricewaterhouseCoopers
Scan Re (converted from run-off)
(15)
80.5% (final) Ernst & Young
Sovereign 80% KPMG
Stockholm Re (Bermuda) 36.37% (final) Deloitte
PwC
Taisei Fire & Marine
(16)
62% Ernst & Young
Trinity (converted from run-off) 76.75% (final) PricewaterhouseCoopers
UIC 134% (final) Grant Thornton
United Standard 27% PricewaterhouseCoopers
Guide to London Market
Insolvencies since 1989
Liquidation Current Dividend Liquidators
Belvedere Insurance (Bermuda) Undeclared KPMG
1 May 2010
Continental Assurance
(17)
Nil (final) PricewaterhouseCoopers
Dai Ichi Kyoto Reinsurance Company SA
(18)
Funds remitted to Belgian liquidator PricewaterhouseCoopers
Kobe Reinsurance SA
(18)
Funds remitted to Belgian liquidator PricewaterhouseCoopers
National Employers Mutual General (NEMGIA) 37.58% (final) KPMG
Oaklife Nil (final) PricewaterhouseCoopers
Notes
(1) A scheme of arrangement in relation to the Company's direct insurance creditors became effective on 19 August 2009.
(2)
Companies subject to English and Australian Schemes of Arrangement (dual run-off and estimation schemes)
(All in liquidation in Australia and Provisional Liquidation in England)
HIH Casualty and General Insurance Limited - 13%, and to creditors with insurance liabilities - 19.96%
FAI Insurances Limited - Nil
FAI General Insurance Company Limited - 40%, and to creditors with insurance liabilities - 41.2%
World Marine and General Insurances Pty Limited: creditors with insurance liabilities in Australia - 56%, creditors with insurance liabilities outside of Australia - 20%, creditors with non insurance liabilities in Australia - 45%
Companies subject to Australian Schemes of Arrangement (dual run-off and estimation schemes)
(All in liquidation in Australia)
CIC Insurance Limited - 45%
FAI Traders Insurance Company Limited - Nil
FAI Reinsurances Pty Limited - Nil
HIH Underwriting and Insurance (Australia) Pty Limited - Nil
(3) This scheme relates to business written by The Home Insurance Company through the AFIA Pool.
(4)
Scheme exited via compulsory liquidation handled by PricewaterhouseCoopers No additional dividend
(4)
Scheme
exited
via
compulsory
liquidation
handled
by
PricewaterhouseCoopers
.
No
additional
dividend
.
(5) This scheme is a hybrid scheme comprising a 'reserving phase' and a 'cut-off' phase. For queries please contact Hugh Armenis: [email protected]
NCRA made two dividend payments on 15 April 2009 and 4 December 2009. The dividends totalled was 17c in the dollar from the Reinsurance Asset pool and 8c in the dollar from the Other Asset pool. The insurance
creditor's distribution from the Other Asset pool is calculated after the distribution from the Reinsurance pool is deducted, so the effective rate of the dividend for insurance creditors to date is 23.64c in the dollar.
(6) Certain claims are presently being paid in full by OIC Run-Off and London & Overseas.
(7) Scheme exited via compulsory liquidation handled by the official receiver. No further dividend expected.
(8) Also in liquidation handled by PricewaterhouseCoopers.
(9) Company was dissolved on 31 May 2007 following settlement of all liabilities within the Scheme.
(10)
Scheme exited via compulsory liquidation handled by PricewaterhouseCoopers. Final additional dividend of 2.78%.
(11) Company in liquidation in France. The French liquidator is M. Jean Claude Pierrel.
(12) Scheme closed and company dissolution achieved via a members' voluntary liquidation handled by KPMG Singapore. No dividend was paid.
(13) JB Stephenson and GR Gadsby, the Scheme Administrators to Municipal General Insurance are assisted by Mazars LLP.
(14) Also in liquidation handled by Ernst & Young.
(15) Scheme exited via compulsory liquidation handled by Ernst & Young. No dividend was paid.
(16) Payments pursuant to the Reorganisation Plan for international reinsurance creditors.
(17) Joint appointment with David Buchler.
(18) PricewaterhouseCoopers’ role in respect of these estates was to collect in the assets. PricewaterhouseCoopers have now concluded their role and funds have been passed to the Belgian liquidator.
Contact Details
P i t h C i f th l di fi f d i t th i i d t If h ti i l ti
t
P
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C
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fi
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nsurance
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us
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If
you
h
ave any ques
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i
n re
l
a
ti
on
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o
Schemes of Arrangement or insurance company insolvencies, please contact one of our team:
Dan Schwarzmann Mark Batten Neil Gayner Nigel Rackham Clare Whitcombe
+44 (0) 20 7804 5067 +44 (0) 20 7804 5635 +44 (0) 20 7212 6117 +44 (0) 20 7212 6270 +44 (0) 20 7804 4844
[email protected]c.com [email protected]c.com [email protected] [email protected]c.com [email protected]
Plumtree Court, London, EC4A 4HT, UK
Telephone number: +44 (0) 20 7583 5000
Facsimile number: +44 (0) 20 7804 4578
You can also visit our website: www.pwc.co.uk/discontinuedinsurance
A
lternativel
y,
email
y
our
q
uestions to us at discontinuedinsurance
@
uk.
p
wc.com
y, y q
@p
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