Stirling Cooke Brown Insurance Brokers Limited
| Date of insolvency: | 17 July 2003 |
|---|---|
| Type of appointment: | Administration / Scheme of Arrangement |
| Appointment holders: | Paul Evans Dan Schwarzmann |
| Financial information: | Last accounts filed 2001 |
| Final payment percentage: | 33.015% |
| Key contacts: | James Ferris PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Tel: + 44 (0) 20 7804 5779 |
Company background: |
Stirling Cooke Brown Insurance Brokers Limited ("Stirling Cooke") was a medium sized Lloyd's broker which operated in a number of areas including the US Workers' Compensation insurance market. In 1999 a dispute arose with Sphere Drake over business Sphere Drake assumed through Stirling Cooke. The Judgement in the litigation that ensued went against Stirling Cooke and was handed down in July 2003 with an award for costs going to Sphere Drake that could not be met by Stirling Cooke. This, along with its own legal costs forced Stirling Cooke into Administration. |
Next steps: |
Following the analysis of the Insurance Broking Accounts ("IBA") (accounting for approximately US$1 billion), a Scheme of Arrangement ("Scheme") was sanctioned on 28 July 2006. A first dividend of 31% was declared in March 2007 and the final dividend of 2.015% was declared in April 2008, following the resolution of the outstanding issues. |
The Company was placed into Liquidation on 20 January 2009 and the Scheme was terminated. On this date, the Administrators and Scheme Administrators were released from office.
Discharge of Administration Order Mr Simmonds
SCB Final R&P 011008 to 200109
Information correct as at: August 2010
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