On 27 June 2019, the High Court appointed Dan Schwarzmann and Nigel Rackham as Joint Administrators of Stronghold Insurance Company Limited ("the Company").
The Company was incorporated in 1962 and during its active underwriting life it wrote excess of loss and stop loss insurance business, and risks of a similar nature. It wrote direct and reinsurance USA Casualty business to the London market and USA companies. As a result of increasing US asbestos-related, environmental pollution and health hazard claims coming from the USA in the early 1980s, the Company was placed into solvent run-off in 1985. As at 31 December 2017 gross claims outstanding were US$51.8m.
Upon introduction of the Solvency II directive in 2016, the Company was no longer able to meet the minimal capital requirement imposed under that regulation. A solvent scheme of arrangement was proposed but was not implemented due to opposition by a group of major creditors. As a result, the directors took steps to place the Company in administration since the liabilities of the Company are believed to exceed the assets.
Should you have any queries please contact Helena Perevalova on 0113 289 2046.
Dan Yoram Schwarzmann and Douglas Nigel Rackham have been appointed as Joint Administrators of Stronghold Insurance Company Limited to manage its affairs, business and property as agents and without personal liability. Dan Yoram Schwarzmann and Douglas Nigel Rackham are all licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.
Stronghold Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority, reference number 202552.
The Joint Administrators are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
The Joint Administrators may act as controllers of personal data as defined by UK data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the Joint Administrators. Personal data will be kept secure and processed only for matters relating to the Joint Administrators’ appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Joint Administrators.