Joint administrators appointed to London broker
David Costley-Wood and Michael Walker, restructuring partners at KPMG, have been appointed joint administrators of London-based First City Insurance Group Limited and its subsidiary company, First City Partnership Limited by the companies’ directors.
First City Partnership operated as an insurance broker and risk management advisor in the London and international insurance markets.
FirstCity’s active insurance business was sold to Arthur J Gallagher (UK) Limited (AJG) in early April 2010 and all client money arrangements applicable to the active business are now being managed by AJG, which was confirmed by the FSA on 19 May, 2010.
The run-off of the inactive business continues to be administered by FirstCity
Mike Walker comments “We are currently assessing the position and are looking to put in place arrangements for the run-off of the inactive business as soon as possible."
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