Court sanctions 48 schemes of arrangement in relation to Trimark

The High Court today sanctioned 48 schemes of arrangement in relation to to The Trimark 1968 and Prior Years Pools Schemes (The Trimark Pools Schemes).

Scheme Creditors voted overwhelmingly in favour of The Trimark Pools Schemes at meetings held on the 9th October and 30th October 2009.

A scheme of arrangement is where policyholders are paid a lump sum but the policy ceases.

The Trimark Pools Schemes comprise of 48 companies representing 61 original underwriting entities from various countries including Austria, France, Germany, Italy, Portugal, Switzerland, UK and USA.

The Trimark Pools have been in run-off for over 40 years having underwritten business from 1932 -1968.

Scheme adviser, Mike Walker, head of KPMG's restructuring insurance solutions practice in the UK said: "We are delighted that Mr Justice Henderson has sanctioned these schemes today. It is a clear indication that schemes of arrangement continue to be an effective mechanism to obtain genuine finality. These schemes were proposed following extensive consultation with creditors, which clearly contributed to the virtually unanimous support they received."

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