Joint scheme administrator announces further increase to payment percentage

Published at 13:59 PM on 03 August 2009

Dan Schwarzmann, partner at PricewaterhouseCoopers LLP and joint scheme administrator of OIC Run-Off Limited (“OIC”) (formerly The Orion insurance Company Plc) and The London and Overseas Insurance Company Limited (“L&O”), is pleased to announce a revised payment percentage of 50% has been set. This represents a further increase of 2% on the previous payment level.

Creditors who have received a payment of 48% of their liabilities established under the scheme of arrangement will receive an additional 2% payment within 90 days. Policyholders whose claims are yet to be agreed will receive payment as soon as OIC and L&O’s liabilities to them become established.

Established liabilities covered by the arrangement between Nationale-Nederlanden Overseas Finance and Investment Company Unlimited (“NNOFIC”) and The Institute of London Underwriters (“ILU”) will continue to be paid in full in accordance with the specific arrangements within the scheme of arrangement.

Dan Schwarzmann, partner at PricewaterhouseCoopers LLP and joint scheme administrator said:

"I am very pleased to be able to announce another increase in the payment percentage for creditors of OIC and L&O following a review of the companies' financial position. This reflects the continued successful management of the estate for the benefit of all creditors. In the meantime we are continuing to work with a variety of stakeholders on a cut-off scheme and I hope to have further news in this regard sometime this year.”

ENDS


Notes to Editors:

1. By the end of December 2008, OIC and L&O had paid US$202 million to Qualifying ILU Policyholders in respect of established liabilities covered by the NNFIC/ILU arrangements and US$450 million to the other scheme creditors with established liabilities. 2. Whittington Insurance Services Limited (“Whittington”), the run-off management company for OIC and L&O, will be processing the additional payment during September 2009. Any queries surrounding claims’ agreement and payments should be directed to Whittington on +44 (0)20 7743 0290 3. OIC and L&O’s existing Scheme of Arrangement became effective on 7 March 1997. 4.OIC was previously known as ‘The Orion Insurance Company Plc’ 5.The initial payment level was set at 15% in October 1997. 


For more information contact:

Stephanie Howel
Advisory PR Manager, PwC 
Tel:020 7213 2421 
Mobile:07734 456 098 

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