Folksam International Insurance Company (UK) Limited (“Folksam UK”)
| Date of insolvency: | 19 July 2002 |
| Type of appointment: | Administration & Scheme of Arrangement |
| Appointment holder: | Dan Schwarzmann & Nigel Rackham |
| Final payment percentage: | 42.0% |
| Key contacts: | Nigel Rackham Gary Bray Lee Borcoski |
| Background: | Folksam UK was a wholly-owned subsidiary of Folksam Holdings (UK) Limited ("Holdings"), which in turn was a wholly-owned subsidiary of Återförsäkrings AB Luap, a company incorporated in Sweden. Holdings was dissolved on 31 August 2011. The main business of Folksam UK was international reinsurance, with some direct business, specifically excluding life assurance and motor. The majority of creditors of Folksam UK were other insurance companies, Lloyd's underwriters and major US corporations. Approximately one third of Folksam UK's net underwriting liabilities were in casualty business, with one third in marine and the rest in property and aviation. Folksam UK ceased underwriting and entered run-off on 31 December 1996. On 19 July 2002, Folksam UK stopped paying claims and was put into administration, with Dan Schwarzmann being appointed Administrator. On 7 August 2013, Folksam UK entered into a scheme of arrangement pursuant to Part 26 of the UK Companies Act 2006 (the “Scheme”) with its creditors, and Dan Schwarzmann together with Nigel Rackham were appointed Joint Scheme Administrators. On 10 May 2017 following the issue of a notice to Folksam UK pursuant to clause 74.1.1 of the Scheme by the Joint Scheme Administrators the Scheme was terminated. On 22 May 2017 the Administration of Folksam UK ended with the issue of a discharge order by the UK High Court of Justice, Companies Court. On 5 February 2018 Folksam UK was dissolved. |
Information correct as at: April 2018
