Swiss insurer Winterthur has merged its run-off vehicle Atropos with another run-off management company Cavell that it partly owns with Norwich Union.
Atropos Management Services was originally formed by Winterthur to handle the long-tail US liability business from its HS Weavers' pool.
Atropos is named after the Greek mythological character responsible for cutting the thread of life and will now itself be wound up.
The move came after Winterthur agreed to reinsure Atropos's liabilities with National Indemnity Company (NICO), a Berkshire Hathaway company.
NICO in turn awarded the administration of Atropos's liabilities to Cavell Management Services.
Atropos had agreed to merge with Cavell before NICO's decision to reinsure with Winterthur.
Atropos also managed the run-off of other Weavers' business companies, including those of Fortis (formerly Bishops- gate) and Delta Lloyd. This business will continue to be managed by London and Norwich-based Cavell.
Cavell managing director Roy Townsend said that many key Atropos staff previously involved in the Weavers' business would be offered jobs with Cavell.
