Move follows 100% payout in May
Grant Thornton's financial services has announced a second interim dividend of 23% for insolvent insurer, UIC Insurance.
In addition to the initial dividend of 100%, which was paid out in May this year, the total declared dividend to date stands at 123p in the pound.
Ipe Jacob, senior partner within Grant Thornton's financial services group and one of UIC's scheme officers, said: "I am delighted with progress on this administration. I anticipate that there will be a further dividend declared during the course of 2008, bringing the payout to the creditors to several times more than the worst case estimate made soon after the company became insolvent."
Stuart Shepley, the scheme actuary and, also a partner in Grant Thornton's financial services group and head of its actuarial practice added: "Given the unusual nature of this case, in that it is a first ever dividend payout in excess of 100p in the pound, I have advised the scheme officers that although it is reasonable to anticipate a further dividend during the course of next year, it is unwise at this stage to make any predictions as to its quantum."
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