Independent Insurance Company Limited
| Date of insolvency: | 17 June 2001 |
|---|---|
| Type of appointment: | Provisional Liquidation |
| Appointment holders: | Mark Batten Dan Schwarzmann |
| Financial information: | Last accounts filed 31 December 2000 |
| Estimated payment percentage: | Currently unknown |
| Key contacts: | Capita Insurance Services Limited (Run-off Managers) Churchgate House 56 Oxford Street Manchester M1 6EU Policyholder helpline: 0161 741 1010 Charles Porter PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT Tel: + 44 (0)20 7804 4966 |
| Company background: | Independent Insurance Company Limited ("Independent") wrote general insurance and reinsurance business mainly covering liability, property, motor and other insurance for the commercial and personal lines sectors. On 17 June 2001, the Directors of Independent presented a petition to the High Court for the winding-up of the company on the basis that Independent was insolvent and could not pay its liabilities in full. On 2 August 2001 the Provisional Liquidators set up Aurora Corporate Services Limited ("Aurora") to conduct the run-off. However, it was recognised that there would be limited long term opportunities for Aurora to develop into a viable commercial enterprise as a stand alone company. In order to ensure the continued orderly run-off of the business the Provisional Liquidators sold Aurora to Capita Insurance Services Limited in February 2003. The Provisional Liquidators have conducted an extensive investigation into the collapse of Independent and have concluded actions against the Company's auditors, KPMG, and its actuarial advisors, Watson Wyatt. As a result of work since the Provisional Liquidation, in excess of £500 million of assets have been realised for the benefit of the creditors. Further information is available at www.independent-insurance.co.uk or please contact the policyholder helpline on +44 (0)161 741 1010. |
| Next steps: | Independent is still in Provisional Liquidation and the Provisional Liquidators continue to believe that the formulation of a Scheme of Arrangement pursuant to Part 26 of the Companies Act 2006 will be in the best interests of Independent's creditors as a whole. Significant analysis is currently being undertaken to determine the exact type and timing of a Scheme which would be in the best interests of Independent's creditors. |
Information correct as at: December 2011
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