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Background and initial communications

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.  

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