High Court sanctions latest pool scheme from London Market
Earlier today, in the High Court, Mr Justice Henderson sanctioned 48 Schemes of Arrangement in relation to The Trimark 1968 and Prior Years Pools Schemes (The Trimark Pools Schemes).
Scheme Creditors voted overwhelmingly in favour of The Trimark Pools Schemes at meetings held on the 9th October and 30th October 2009.
The Trimark Pools Schemes comprise of 48 companies representing 61 original underwriting entities from various countries including Austria, France, Germany, Italy, Portugal, Switzerland, UK and USA. The Trimark Pools have been in run-off for over 40 years having underwritten business from 1932 -1968.
Scheme adviser, Mike Walker, Head of KPMG's Restructuring Insurance Solutions practice in the UK commented: "We are delighted that Mr Justice Henderson has sanctioned these schemes today. It is a clear indication that schemes of arrangement continue to be an effective mechanism to obtain genuine finality. These schemes were proposed following extensive consultation with creditors, which clearly contributed to the virtually unanimous support they received."
-ENDS-
Notes:
- The Trimark 1968 Year Pools Schemes relate to business underwritten and/or administered by Aon Limited and administered by CTC Axiom on behalf of the Scheme Companies in relation to their participation in; The Howden Underwriting Group Pool (1932-1968); The Alexander Howden König & Reeker Excess of Loss Pool (1957-1967) (which changed its name to The Alexander Howden Continental Excess Loss Pool For 1967), The Alexander Howden Booth Potter Seal Excess Loss Pool (1960-1968) (which changed its name to the Alexander Howden Excess Loss Pool of 1966-1968), The Alexander Howden Fidelidade 'Y' Account (1960-1968), and The Alexander Howden Palmer Whitehead Excess Loss Pool (1961-1967).
- KPMG LLP is the scheme adviser, Clifford Chance is the legal adviser, Aon limited is the Scheme Manager and Axiom Consulting Limited are the designated agent of the Scheme Manager.
- Schemes of Arrangement are provided for by Part 26 of the Companies Act 2006 and set out the rules by which the ongoing administration and management of a company are governed. These are binding upon the Company and all its creditors, or any class of them, provided that a majority in number, representing three-fourths in value of the creditors or class of creditors, present and voting, either in person or by proxy at a meeting ordered to be summoned by the court, agrees to the arrangement.
For further information please contact:
Judith Dow, KPMG Corporate Communications
Tel: 0207 694 8584 Mobile: 07786 197 718 Email: Judith.dow@kpmg.co.uk
KPMG Press Office: 0207 694 8773
About KPMG:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with 11,500 partners and staff. The UK firm recorded a turnover of €2.2 billion in the year ended September 2008. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 148 countries and have more than 113,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.