North Atlantic Insurance Company Limited

North Atlantic Insurance Company Limited ("NAIC"), formerly known as British National Insurance Company Limited, went into run off in 1984 when it was a subsidiary of Armco Inc, a US quoted company.  In 1991 a management buy out took place and in 1997 the directors petitioned for NAIC to be wound up.  NAIC also wrote business as part of the ME Rutty Underwriting Agency Pool.

 

NAIC was responsible for the administration of certain policies written by Bellefonte Insurance Company (now Northwestern National Insurance Company) through the C E Heath Underwriting Agencies in the UK.  A dispute as to whether these policies had been transferred to NAIC was resolved with NAIC accepting liability for claims under these policies in its Scheme and in return, certain funds were paid to it which overall increased the dividend NAIC was able to pay.

On 3 October 2002 Scheme Creditors voted on and approved the proposed Scheme.  After receiving sanction of the Scheme in the UK and recognition in the USA, the Scheme became effective on 18 October 2002. The Scheme Document is below.

 

In September 2006 the Scheme Administrators declared a first dividend for Scheme Creditors of 15%, a further dividend of 9% was declared in June 2009, and a final dividend of 3.118% was declared in September 2011.

On 1 February 2012, the Scheme was terminated and advertised in relevant press as required by the terms of the Scheme. On the same day the company was then placed into liquidation and the Official Receiver was appointed. The Provisional Liquidators were released from office following the liquidation.

• Scheme Document