ICS Reinsurance Private Limited
| Effective date of scheme: | 26 April 1994 |
|---|---|
| Type of appointment: | Scheme of Arrangement |
| Appointment holders: | Nigel Rackham Mark Batten |
| Financial information: | Last accounts filed 31 December 2001 |
| Final payment percentage: | 88.8% |
| Key contacts: | Nigel Rackham PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Tel: + 44 (0) 20 7212 6270 Adam Loveday PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Tel: +44 (0) 20 7804 4761 |
| Company background: | ICS Reinsurance Private Limited ("ICS") was incorporated in Singapore in 1978. It underwrote reinsurance business, mainly London Market excess of loss property risks as well as an Asia/Pacific reinsurance property account and small amounts of casualty reinsurance. Reinsurance programmes established by ICS proved to be inadequate due to the severity and frequency of certain catastrophes in the late 1980s and early 1990s, including Hurricane Hugo and CAT 90A. In 1991 it ceased writing new business and went into run-off. PricewaterhouseCoopers were asked in 1992 to assess the financial position of the company and to find alternative solutions to the problems arising from the Company's insolvency, it was concluded that a Scheme of Arrangement ("the Scheme") would be in the best interests of creditors. Creditors approved the Scheme in December 1993 and the High Courts of both Singapore and UK gave their sanction in April 1994. |
| Next steps: | The Scheme is now closed. A fifth and final distribution of 13.8% was made to creditors in August 2003, bringing the total distribution to 88.8%. There had been four previous distributions to creditors, made in July 1996 of 50%, January 1997 of 10%, October 1997 of 10%, and April 1998 of 5%. |
Information correct as at: August 2010
For further information about our services or if you would like one of our professionals to contact you, please email us.
