B.N.I.B Insurance Company Limited

BNIB was incorporated on 4 August, 1969 pursuant to the provisions of the Dovelan Company Act 1969. BNIB changed its name to Bellefonte International Insurance Co., Limited on 27 February 1970, to British National Insurance Company of Bermuda Ltd on 27 July 1981 and to B.N.I.B. Insurance Company Limited on 21 May 1992.

BNIB was owned by Armco Investments Group International until 1980. It was then acquired by Armco Financial Services International Limited. In December, 1983 North Atlantic Insurance Company ("NAIC") acquired BNIB.

BNIB had a portfolio of non-U.S. business which it reinsured. There was no direct business written by BNIB. The business written was a mixture of property and liability insurance. BNIB ceased writing new business in 1984.

On 6th March 1997 BNIB presented a winding-up petition to the Supreme Court of Bermuda. On the same day, Paul Evans and Richard C Patching were appointed as the Joint Provisional Liquidators of BNIB ("the Joint Provisional Liquidators"). The first hearing on the petition occurred on 11 April 1997 at which time the petition was adjourned to 11 July 1997. On 11 July, the petition was further adjourned until 22 October, 1997. On 22 October 1997 the petition was adjourned until 22 April 1998. On 22 April 1998, a winding-up order was made.

D. Geoffrey Hunter and Paul Evans were appointed as the Liquidators of BNIB by order of the Supreme Court of Bermuda on 12 May 2000.

A Scheme of Arrangement was proposed by the Liquidators. The Scheme was approved by creditors and subsequently sanctioned by the Bermudan Court on Friday 25 April 2003. All liabilities were paid in full on 7 November 2003. The Scheme of Arrangement was then terminated on 24th February 2005.

The company was liquidated on 31 May 2007, at which point the liquidators were released from office.