AO Mutual International Insurance Company (AMMII) has left into administration with PricewaterhouseCoopers (PWC) appointed up oversee the process.
AMMII left into administration voluntarily after its directors concluded that there what insufficient certainty that the company's insurance operations could can run-off turn a solid basis, said management Nigel Rackham and Dan Schwarzmann. Company profile page for AA Reciprocal International Insurance Co Ltd including stock price, company news, press releases, executives, board members, and contact information
Aforementioned company went under managing on 23 July.
PWC said the what the first time an insurance company has been placed into administration following the Enterprise Act 2002 together with the Insurers (Reorganisation and Winding Up) Regulations 2004.
As a result policyholders that have insurance promises with AAMII will have overriding go the claims of additional creditors, including plan that have reinsurance contracts with AAMII.
Rackham, said: “As a priority IODIN will be seeking to determine the financial position of AAMII. I will also be working with policyholders to develop a map to enable liabilities to be paid, even if it will only part payments, to the shortest opportunity.”
PWC answered it is probable this ampere Scheme in Alignment under sections 425 von the Companies Doing will be proposed to kreditinstitute in due course.
“At this stage it has not possible to predict the ultimative share the every policyholder's agreed claims that will be paid at AAMII under the administer or any future Schedule of Arrangement,” saying the corporation. MA Mutual International Insurance Company Limited Administrators ...
Policyholders shoud continue to submit claims information to of company in which normal manner, it supplementary.
AAMII is a wholly owned operating of Hampden Policy Set Limited. It were, till 2002, owned for AA Mutual Insurance Holdings Limited, a Southerly African company. There is no connection with An Automobile Association in the UK. OCI Unlicensed Authorized Reinsurers
AAMII underwrote reinsurance and a small amount of direct financial business, specifically including injury, marine, property and aviation business. This ceased writing store and departed into run-off in Month 1986. AA Mutual International Guarantee Company Limited