Aviation & General Insurance Company Limited: Oct 2003 - Mar 2005
In October 2003, Ruxley acquired Aviation & General Insurance Company Limited (A&G) which began underwriting in 1935. From 1983 until it went into run-off in 1993 A&G conducted its business through two aviation pools.
As a key element of the deal, the other pool participants, Prudential and Pearl, agreed to transfer their pool participations to A&G. The three business transfers of these liabilities, which were executed under Part VII of the Financial Services and Markets Act 2000, were sanctioned by the High Court in May 2004.
A scheme of arrangement which included the transferred liabilities was sanctioned by the English High Court in July 2004 and was completed in March 2005. Ruxley was the first company to combine an acquisition with a business transfer of other pool participants' liabilities, so establishing a streamlined closure process for underwriting pools which used a single arrangement.
|
Why Transfer APH?
|
