OIC Run-Off and London & Overseas Payment Percentage Increase
On August 14, 2019, the Joint Scheme Administrators of OIC Run-Off Limited (“Orion”) and The London and Overseas Insurance Company Limited (“L&O”) announced a 4% increase in the payment percentage for agreed claims, to be paid within 90 days. The announcement also stated that the ultimate payment percentage, estimated to be 78% in the amending scheme documents, is expected to be slightly higher. The final distribution payment is expected to be paid in the second quarter of 2020. Qualifying Established Liabilities (as defined in the amending scheme of arrangement) will continue to be paid in full. For more information on Orion, please see the scheme website.
Fremont Indemnity Final Distribution and Closing
On August 14, 2019, the Superior Court of California in the County of Loss Angeles granted a motion by the liquidator of Fremont Indemnity Company (“Fremont”) to pay a final distribution of 43.25% to Class 2 policyholders, terminate the liquidation, and close the estate. The distributions are expected to be made beginning September 26, 2019. Fremont was ordered into liquidation on July 2, 2003, and the original proof of claim date was June 30, 2004. For more information, please see the California Conservation & Liquidation Office’s website.
Western Employers Second Interim Distribution
On August 20, 2019, the Superior Court of California in the County of San Francisco granted a motion by the liquidator of Western Employers Insurance Company to pay a second interim distribution of 40%, with 7% interest on top, to Class 2 policyholders with agreed claims. The distribution brings the total distribution for policyholders to 100%. The distributions are expected to be made beginning October 18, 2019. Western Employers was placed into liquidation on April 19, 1991, and the original proof of claim filing deadline was November 15, 1991. For more information, please see the California Conservation & Liquidation Office’s website.
Please let us know if you have any questions regarding these notices.
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Nick Sochurek has extensive experience in leading complex insurance policy reviews and analysis for a variety of corporate policyholders using relational database technology.Learn More About Nicholas