River Thames Insurance Company Limited ("River Thames"), a wholly-owned subsidiary of Enstar Group Limited ("Enstar"), has proposed a serious of Part VII business transfers with the applications for sanction to be heard on March 24, 2017. The purpose of the transfers is to consolidate the management of and responsibility for the run-off businesses of certain other Enstar subsidiaries into River Thames. The proposed transfers include all of the insurance and reinsurance business written or previously assumed by Bosworth Run-Off Limited, Brampton Insurance Company Limited, Knapton Insurance Limited, Marlon Insurance Company Limited, Mercantile Indemnity Company Limited and Unionamerica Insurance Company Limited. Some of these companies have in the past accepted the transfer of other books of business, as further described in the circular and independent expert report.
Any objections from affected creditors are requested to be sent by March 17th to Berwin Leighton Paisner LLP, Adelaide House, London Bridge, London EC4R 9HA or by email to firstname.lastname@example.org with reference to "GQUI/OSAU". For additional information relating to the transfers, please see the website.
The Scheme Administrators recently gave notice that the proportion of Qualifying ILU Guarantee Policyholders who opted out has been confirmed to be less than 30% and therefore the schemes will continue. Had the 30% threshold been exceeded, the schemes would have terminated and OIC and London & Overseas's businesses would have reverted back to run-off. Final distributions for agreed claims are now estimated to be paid out on or around September 2019.
The Schemes were previously approved by creditors at the meetings on December 11, 2014, sanctioned by the High Court of Justice in the UK on October 29, 2015, and became effective on January 14, 2016. Orion and L&O have been in run-off since 1994, and the original schemes of arrangement became effective in 1997. The final bar was September 12, 2016.
For more information on the opt-out provisions of the schemes, please see our Risky Business blog. For additional information relating to the Companies, including the scheme documents and notices, please see their website.
Please let us know if you have any questions regarding this notice.
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