The Insurance Corporation of Singapore (UK) Limited

Provisional Liquidation - 14 October 1993
Reserving Scheme Effective - 25 January 2002 

Closure Scheme Effective - 12 October 2010

The Insurance Corporation of Singapore (UK) Limited (“ICS (UK)”) commenced underwriting in 1980 as a member of various pools, notably the three English and American ("E&A") pools, in which it participated until 1991. The pools continued to underwrite risks until the end of 1992 and subsequently entered into Run-Off. Joint Provisional Liquidators were appointed in respect of ICS (UK) in 1993 when the company's solvency became questionable, leaving fellow E & A pool members as the principal creditors. After investigating a number of alternatives, the Joint Provisional Liquidators concluded that a Scheme of Arrangement was the best means of delivering value to ICS (UK)’s creditors. The original ICS (UK) Reserving Scheme became effective on 25 January 2002.

In 2010, ICS (UK), together with fifteen other members of the E&A pools, elected to implement a collective Closure Scheme in order to bring about a unified exit from the E&A pools. The Closure Scheme became effective on 12 October 2010 and all claims must be submitted by the Scheme Bar Date of 11 April 2011. Further information is available at the EAUA Pools Homepage.

ICS (UK)’s Creditors can be broadly categorised as:

Oberon Pool Creditors - Creditors with claims arising as a result of the Company having participated as underwriter in the Oberon Pool. Oberon Pool Creditors will be paid IN FULL by St Paul Re in the normal course.

E&A Pool Participants - The eight Participants in the E&A Pools whose claims constitute the majority by value of the Company's liabilities. 

E&A Pool Creditors - Cedants to the E&A Pools and the remaining participants in the E&A Pools.

General Creditors - Creditors who do not fall within any of the above three categories.

A proportion of the Company's assets is set aside to form the Creditors' Fund, from which the claims of E&A Pool Creditors and General Creditors are currently expected to be paid in full by the E&A Pool Manager.

In accordance with clause 19.1 of the Closure Scheme, following the Effective Date, the Scheme Manager ceased making payments to General Creditors and E&A Pool Creditors.
After the Bar Date, the Net Ascertained Claims of General Creditors and E&A Pool Creditors will be detailed in a valuation statement and sent to each creditor. These claims will be paid within 90 days of those creditors’ valuation statements becoming final and binding, or in the case of an ICS Payment Percentage being set, as soon as is practicable, subject to any relevant clauses of the Closure Scheme.

If you have a query as an E&A Pool Creditor please contact PRO Insurance Solutions' ICS (UK) helpdesk on telephone +44 (0) 1452 782 505 or email them here.

Download copies of ICS (UK)’s Closure Scheme or its original Reserving Scheme.