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English & American Insurance Company Limited |
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Scheme Administrators
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: Tom Riddell (licensed by the Secretary of State) |
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: Mike Walker (licensed by ICAEW) |
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Date of Insolvency
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: 19 March 1993 |
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Date of Scheme
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: 8 February 1995 |
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Date of Amending Scheme
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: 31 August 2000
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Annual Report to Creditors 2011
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: 12 December 2011
: A copy of the Report is available below
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Annual Report to Creditors 2009
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: 26 November 2009
: A copy of the Report is available below
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Annual Report to Creditors 2008
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: 10 November 2008
: A copy of the Report is available below
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Current Payment Percentage |
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: 40 percent |
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Background
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English & American Insurance Company Limited (EAIC) is a large UK insolvent
London market insurance and reinsurance company. It commenced underwriting in
1929 and wrote many types of policies for insureds and reinsureds, on its own
account and as a member of underwriting pools of insurance companies. It
provided cover for, amongst other things, marine, aviation and casualty risks.
As such, EAIC is exposed to significant amounts of asbestos, pollution and other
long tail claims.
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Recent Developments
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In June 2000, the original Scheme was replaced by an Amending Scheme of
Arrangement which became effective in August 2000.
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As at 31 December 2007, EAIC’s estimated total assets and liabilities were
approximately UK£288 million (2006 UK£310 million) and UK£624 million (2006
UK£638 million) respectively. The run-off of EAIC is expected to be completed
cost effectively by entry into a cut-off scheme within the next one to two
years.
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Scheme Payment Percentage
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The dates and amounts of scheme payment percentage revisions are as follows:
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Cumulative |
| June 1997 |
5% |
5% |
| June 1998 |
5% |
10% |
| March 1999 |
7% |
17% |
| September 2000 |
8% |
25% |
| June 2002 |
5% |
30% |
| April 2006 |
5% |
35% |
| December 2011 |
5% |
40% |
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Contact
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To file a claim in the normal
course of business:
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Nancy Kelly |
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PRO Insurance Solutions Limited |
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Tawa plc
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The Isis Building
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193 Marsh Wall
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London
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E14 9SG |
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Tel: +44 (0) 1452 782524
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Fax: +44 (0) 1452 782582 |
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To contact the Scheme Administrators' staff:
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Steve Goodlud |
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KPMG LLP |
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8 Salisbury Square |
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London
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EC4Y 8BB |
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Tel: +44 (0) 20 7694 3067 |
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Fax: +44 (0) 20 7694 3126 |
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Information page here.
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