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Important Information |
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This page holds all market circulars relating to the WFUM Pools and contains
important information for Scheme Creditors. These documents are held as 'pdf.'
files and can be downloaded for review by clicking on the link.
This page will be regularly updated.
| 1 |
Sovereign Marine & General Insurance Company Limited - Certificate of Completion (27 January 2014)
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PRO Insurance Solutions Limited, acting as Scheme Manager, has issued a Certificate of Completion for Soveriegn Marine &
General Insurance Company. Following the Completion Date, no Scheme Creditor shall be entitled to any claim on, recovery
from, or interest in, any Security, guarantee or indemnity in respect of a Scheme Claim or otherwise to make any claim or
receive payment in respect of a Scheme Claim.
| 2 |
Sovereign Marine & General Insurance Company Limited - Notice of Impending Completion (27 September 2013)
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PRO Insurance Solutions Limited, acting as Scheme Manager, believes that the Scheme for Sovereign Marine & General Insurance Company Limited has been implemented
in accordance with its terms and that the provisions of clauses 2 and 3 of the Scheme (regarding the valuation and payment of claims)
has been complied with. It is therefore proposed that the Scheme will be declared complete on 22 November 2013 (the proposed "Completion Date").
Written Notice of Impending Completion has been sent to all Scheme Creditors which were entitled to receive a Valuation Statement pursuant to
clause 2.7.1, informing them of the date on which it is proposed that the Scheme will be declared complete.
| 3 |
Certificate of Completion - Atlantic Mutual Insurance Company
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PRO Insurance Solutions Limited, acting as Scheme Manager, has issued a Certificate of Completion for Atlantic Mutual Insurance Company.
Following the Completion Date, no Scheme Creditor shall be entitled to any claim on, recovery from, or interest in, any Security, guarantee or
indemnity in respect of a Scheme Claim or otherwise to make any claim or receive payment in respect of a Scheme Claim.
| 4 |
Sovereign Marine & General Insurance Company Limited
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Letters to creditors dated December 2012 and January 2013 announced the final dividend of 97%.
Payment of the uplift as appropriate was included with the letter. No further payments will be made to creditors.
| 5 |
Solvent Scheme Companies � Certificate of Completion (19 November 2010)
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PRO Insurance Solutions Limited, acting as Scheme Manager, has issued a Certificate of Completion for the solvent Scheme Companies. Following the Completion Date, no Scheme Creditor shall be entitled to any claim on, recovery from, or interest in, any Security, guarantee or indemnity in respect of a Scheme Claim or otherwise to make any claim or receive payment in respect of a Scheme Claim.
Details regarding impending completion for the Insolvent Scheme Company �Sovereign M&G� and Atlantic Mutual (in Rehabilitation) will be communicated to Scheme Creditors at a later date.
| 6 |
Solvent Scheme Companies � Notice of Impending Completion (27
July 2010)
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PRO Insurance Solutions Limited, acting as Scheme Manager, believes that the
Schemes for the solvent Scheme Companies have been implemented in accordance
with their terms and that the provisions of clauses 2 and 3 of the Schemes
(regarding the valuation and payment of claims) have been complied with. It is
therefore proposed that the Schemes will be declared complete on 21 September
2010 (the proposed �Completion Date�).
Written Notice of Impending Completion has been sent to all Scheme Creditors
which were entitled to receive a Valuation Statement pursuant to clause 2.7.1,
informing them of the date on which it is proposed that the Schemes will be
declared complete.
Details regarding the Insolvent Scheme Company �Sovereign M&G� and its
impending completion will be communicated to its Scheme Creditors at a later
date.
| 7 |
Sphere Drake Filing and Hearings on Petitions Under Chapter 15
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The United States Bankruptcy Court has granted recognition to the Scheme of
Sphere Drake Insurance Limited for Chapter 15 relief. The Chapter 15 order
provides that the Scheme is to be given full force and effect in the United
States, and provides for a permanent injunction and related relief.
| Quick Info |
| File Name |
: Exhibit B to Verified Petition(Convening Order) |
| Size |
: 595 KB |
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Open
Exhibit B
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| Quick Info |
| File Name |
: Exhibit C to Verified Petition(Sanction) |
| Size |
: 109 KB |
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Open
Exhibit C
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| Quick Info |
| File Name |
: Exhibit D to Verified Petition(Permanent Injunction Order) |
| Size |
: 28 KB |
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Open
Exhibit D
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| 8 |
Bar Date Reminder (8 February 2008)
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Market circular issued reminding Scheme Creditors that the Bar Dates are as
follows:
Scheme Companies other than Sphere Drake 11.59pm (UK time) 7 April 2008
Sphere Drake only
11.59pm (UK time) 6 May 2008
| 9 |
Sphere Drake Scheme Effective Date (5 November 2007) and Bar
Date (6 May 2008)
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The proposed Scheme for Sphere Drake, for whom votes were taken at the
Reconvened Meetings held on 19 October 2007, was sanctioned by the High Court
of Justice in England and Wales on 5 November 2007 and became effective and
binding on 6 November 2007 (the "Effective Date"); the Bar
Date for the Sphere Drake Scheme being 6 May 2008.
The United States Bankruptcy Court has granted recognition to the Schemes of
the 11 Solvent Scheme Companies which applied for Chapter 15 relief. The
Chapter 15 order provides that the Schemes of such Scheme Companies are to be
given full force and effect in the United States, and provides for a permanent
injunction and related relief.
| Quick Info |
| File Name |
: Order Granting Recognition of Foreign Proceedings, Permanent Injunction and
Related Relief |
| Size |
: 29 KB |
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Open Chapter 15 Order
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The amendment to the permanent injunction in the Sovereign Marine & General
Insurance Company Limited section 304 case has also been granted, giving full
force and effect in the United States to the Amended Scheme of Arrangement
between Sovereign Marine & General Insurance Company Limited and its Scheme
Creditors.
| 11 |
Notice of Scheme Effective Date (10 October 2007) and Bar Date
(7 April 2008) |
The proposed Schemes for the 14 WFUM Pools Scheme Companies for whom votes were
taken at the 27 October 2006 Creditor Meetings were sanctioned by the High
Court of Justice in England and Wales on 17 September 2007 and became effective
and binding on the Scheme Companies and their Scheme Creditors on 10 October
2007 (the "Effective Date").
Scheme Creditors wishing to submit a Scheme Claim must submit their Claim Form
via the Website or return their manual Claim Form to PRO by 11.59 pm (UK time)
on 7 April 2008 (the "Bar Date").
| 12 |
Filing and Hearings on Petitions Under Chapter 15 |
On 18 September 2007 PRO Insurance Solutions Limited, as the duly authorised
foreign representative, commenced cases (the �Chapter 15 Cases�) by filing
Petitions pursuant to Chapter 15 of the Bankruptcy Code, with the United States
Bankruptcy Court for the Southern District of New York, in respect of the
following:
Greyfriars Insurance Company Limited, Sovereign Insurance (UK) Limited, Allianz
Insurance Plc, Heddington Insurance (U.K.) Limited, Mitsui Sumitomo Insurance
Company (Europe), Limited, The Ocean Marine Insurance Company Limited, Oslo
Reinsurance Company (UK) Limited, The Sea Insurance Company Limited, Tokio
Marine Europe Insurance Limited, Wausau Insurance Company (U.K.) Limited and
Allianz Global Corporate & Specialty (France).
The Court has set a hearing date of 23 October 2007, or such other time as
Counsel may be heard, before the Honorable James.M.Peck in Room 601 of the
Bankruptcy Court, One Bowling Green, New York, New York, 10004, to consider the
Petitions and the relief requested by the Petitioner.
| 13 |
Sovereign Marine & General Insurance Company Limited
modification of the Permanent Injunction Order |
A hearing is scheduled for 23 October 2007 to consider the motion of the Scheme
Administrators of Sovereign Marine & General Insurance Company Limited for
entry of an order (the �Amending Scheme Permanent Injunction Order�) pursuant
to 11. U.S.C. 1105 and 304 modifying the Permanent Injunction Order entered by
the Court on 30 December 1999, and giving full force and effect in the United
States to the Amended Scheme of Arrangement between Sovereign Marine &
General Insurance Company Limited and its Scheme Creditors.
The Court has set a hearing date of 23 October 2007 at 10am, or such other time
as Counsel may be heard, before the Honorable James.M.Peck in Room 601 of the
Bankruptcy Court, One Bowling Green, New York, New York, 10004, to consider the
motion of the Scheme Administrators.
On 27 June 2006 the High Court of England & Wales directed that two
meetings of the Scheme Creditors of Sphere Drake be convened to vote on the
WFUM Pools scheme of arrangement proposals.
On 27 October 2006, Sphere Drake's Scheme Creditors' meetings were opened but
adjourned prior to any votes being taken (the "Adjourned Meetings").
Sphere Drake's Scheme Creditors' meetings were reconvened and held on 19
October 2007 (the "Reconvened Meetings").
The date of the Sanction Hearing for Sphere Drake has been set for Monday 5
November 2007.
| 15 |
Scheme documentation and Notice of
Creditor Meetings |
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Sent: 31 July 2006 |
This letter was sent to all WFUM Pools scheme creditors where PRO had an
address, certain London market brokers, legal representatives and market
bodies.
The letter advises creditors that the Meetings of Scheme Creditors to vote on
the WFUM Pools Scheme proposals will take place on Friday 27 October 2006, at
Plaisterers� Hall in London. The letter was sent with a CD-Rom containing the
Scheme Document and voting details. These documents are available on the
Scheme Documentation page of the website or by request from
PRO. Voting forms should be returned by 20 October 2006.
| 16 |
Leave to Convene Meetings Letter |
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Sent: 30 June 2006 |
This letter was sent to all WFUM Pools scheme creditors where PRO had an
address, certain London market brokers, legal representatives and market
bodies.
The Leave to Convene Meetings Letter gives notice that the Court has now
granted leave to convene the necessary meetings of Scheme Creditors to vote on
the proposed WFUM Pools Scheme. These meetings will take place in late October
2006. Formal notification will be sent, together with the Scheme documentation
and details of how to vote, by the end of July 2006.
| 17 |
Practice Statement Letter (�PSL�) |
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Sent: 20 January 2006 |
This letter was sent to all WFUM Pools scheme creditors where PRO had an
address, certain London market brokers, legal representatives and market
bodies.
The PSL gives notice to scheme creditors of the intentions of the Scheme
Companies to formally propose Schemes of Arrangement for their WFUM pools
business including their proposed application to the High Court of Justice for
permission to convene the necessary meetings of creditors. The letter details
the Scheme Companies� proposals for the constitution of creditor classes, for
voting purposes, that will be put forward to the court.
| 18 |
Pre Practice Statement Letter |
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Sent: 2 December 2005 |
This letter was sent to WFUM Pools scheme creditors where PRO had an address,
certain London market brokers, legal representatives and market bodies. The
letter advises the market that a proposed Scheme of Arrangement is being
considered for the WFUM Pools.
| 19 |
Sovereign Marine & General Insurance Company Limited Annual
Report 2005 |
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Sent: 2 December 2005 |
This report provides an update on Sovereign's financial position and the
progress made to date by the Scheme Administrators with regards to asset
realisations and payments to creditors. This report also provides important
information regarding the Scheme Administrators' plans to close the estate
(through the proposed Scheme of Arrangement for the WFUM Pools) and make final,
or near final, payments to creditors.
For previous annual reports please click
here to take you to the Sovereign page of the KPMG website.
These documents require Adobe Acrobat Reader software to run, should you require
this software it is available as a link on the IT
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