PWC deal deadline extended by a week

Brokers have an extra week to respond to PricewaterhouseCoopers (PWC) deal on the return of premiums and commissions.

Independent Insurance's liquidators have extended the deadline to accept or reject the deal by a week, to 26 June.

Insiders said that the extension was due to a positive response from a number of brokers, who indicated they needed more time to talk to their clients and, in some cases, subsidiaries before accepting the deal.

PWC liquidator Dan Schwarzmann, who met brokers in Birmingham last week to discuss the deal, said this would be the only extension forthcoming.

"A significant number of brokers have presented good reasons for a short time extension to the deadline," he said.

"As a final gesture of goodwill from the joint provisional liquidators, we have agreed to extend the deadline."

The deal is conditional on the full acceptance of about 800 brokers.