Part VII transfer approved for pre-1992 liabilities
The High Court made an order yesterday afternoon approving the statutory transfer of the 1992 and prior non-life business of members and former members of Lloyd's to Equitas Insurance Limited.
Mr Justice Blackburne was firmly of the view that it was appropriate to sanction the transfer scheme.
The transfer covers all the business reinsured by Equitas Reinsurance Limited at the time of Reconstruction and Renewal in 1996, and iincludes the PCW syndicates' business reinsured by Lioncover Insurance Company Limited and the Warrilow syndicates' business reinsured by Centrewrite Limited.
Sean McGovern, Lloyd’s Director and General Counsel, said: “This decision by the High Court closes this chapter in the UK for Names, relieving them from their past liabilities. We are very pleased with the decision and thank the Equitas team.”
