October 2010 - Run-off specialist Ruxley Ventures has transferred the legacy policies within the Canadian branch of subsidiary Aviation & General Insurance to Global Reinsurance Company.
Run-off specialist Ruxley Ventures has transferred the legacy policies within the Canadian branch of subsidiary Aviation & General Insurance to Global Reinsurance Company.
Ruxley picked up Aviation & General Insurance in 2003, and in March 2005, the majority of the UK liabilities within the portfolio were closed following completion of a scheme of arrangement. The transfer of the run-off policies from the Canadian branch of Aviation & General was completed on September 30.
The chief executive of Ruxley Ventures, John Winter, said: "This transfer demonstrates Ruxley’s ability to successfully close old APH [asbestos, pollution and health hazard] liabilities. We are confident that Global Reinsurance Company’s Canadian expertise will ensure an effective run-off of the few remaining liabilities in the transferred policies."
And Winter said Ruxley remains on the look-out for new business opportunities around the world: "Ruxley will continue to seek new opportunities in the run-off of APH liabilities, which is our unique specialism, both here in London and internationally."
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