English and American Pools

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The Insurance Corporation of Singapore (U.K.) Limited

  • Liquidation
    : Date of Liquidation - 24 January 2014
    : Responsible Person - The Official Receiver

  • Date of appointment
    : Provisional Liquidation - 14 October 1993
    : Scheme Effective - 25 January 2002

  • Type of appointment
    : Provisional Liquidation/Scheme of Arrangement

  • Appointment holders
    : Mark Batten
    : Nigel Rackham

  • Financial information
    : Last accounts filed 31 December 2007

  • Estimated payment percentage
    : Oberon Creditors - 100%
    : E&A Pool Participants - formula per scheme
    : E&A Pool Creditors - 100%
    : General Creditors - 100%

  • Key contacts
    Alan Augustin
    PricewaterhouseCoopers LLP
      7 More London Riverside
      SE1 2RT
      Tel: +44 (0) 207 804 4098
      Marion English
      PricewaterhouseCoopers LLP
      7 More London Riverside
      SE1 2RT
      Tel: +44 (0) 207 804 1105
  • Company background
    The Insurance Corporation of Singapore (U.K.) Limited commenced underwriting in 1980 as a member of various pools, notably the three English and American ("E&A") pools, in which it participated until 1991. Joint Provisional Liquidators were appointed in 1993 when the company's solvency became questionable, leaving fellow E & A pool members as the principal creditors. After investigating a number of alternatives, the Joint Provisional Liquidators concluded that a Scheme of Arrangement was the best means of providing Creditors with a return within the shortest possible time period. The Scheme became effective on 25 January 2002. The Scheme is a reserving scheme of arrangement. The Creditors can be broadly categorised as:
    Oberon Pool Creditors - Creditors with claims arising as a result of the Company having participated as underwriter in the Oberon Pool. Oberon Pool Creditors will be paid IN FULL by St Paul Re in the normal course.
    E&A Pool Participants - The eight Participants in the E&A Pools whose claims constitute the majority by value of the Company's liabilities. E&A Pool Participants have been, and will continue to be, paid a share, calculated in accordance with a formula set out in the Scheme, of the Company's General Assets, after payment of, among other things, Scheme Expenses.
    E&A Pool Creditors - Cedants to the E&A Pools and the remaining participants in the E&A Pools.
    General Creditors - Creditors who do not fall within any of the above three categories.
    A proportion of the Company's assets is set aside to form the Creditors' Fund, from which the claims of E&A Pool Creditors and General Creditors should be paid IN FULL in the normal course by the E&A Pool Manager. The fund is capitalised on a prudent basis, allowing a margin for potential deterioration. In establishing the value of the assets to be set aside to form the Creditors' Fund, no account is taken of actual or potential set-off.
    An initial "catch-up" payment was distributed to External E&A Pool Creditors on 4 July 2002. This payment was made to bring ICS (UK) into line with the remainder of the E&A Pool. The payments were for 100% of unsettled 'paid' balances as at 30 September 2001.
    An actuarial review of the Company's liabilities arising out of its participation in the E&A Pools has been and will be carried out annually. If it appears that the solvency margin of the Creditors' Fund has fallen below a certain level, full set-off based on the rules which would apply in liquidation will be applied before E&A Pool Creditors and General Creditors are paid. In the unlikely event that deterioration in reserves is such that even on a net basis the Creditors' Fund is insufficient to pay those creditors in full then they will receive a dividend in respect of their claims.
    If you have a query as an E&A Pool Creditor please contact PRO Insurance Solutions' ICS (UK) helpdesk on telephone +44 (0) 1452 330 514 or email them here
    To download copies of the Scheme please click on the attached files below:

    Quick Info
    File Name : Synopsis
    Size : 75 KB
    Open Synopsis

    File Name : Scheme of Arrangement
    Size : 1.7mb
    Open Scheme of Arrangement

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