Reinsurer that ceased writing in 1998 faces court liquidation
A judge has forced Bermuda-based reinsurer ESG to appoint liquidators from KPMG, Accountancy Age reports.
The company provided accident, medical, financial and special risk reinsurance but has not written new reinsurance business since 1998.
Mike Morrison and Charles Thresh of KPMG Advisory in Bermuda and Michael Walker of KPMG UK were appointed joint provisional liquidators of ESG Reinsurance (Bermuda) on Christmas Eve by order of the Supreme Court of Bermuda.
Creditors should get in touch
Morrison said: "Unfortunately ESG’s financial position is such that it does not have sufficient assets to cover its liabilities.” He urged creditors and other counterparties to make contact as soon as possible.
Two subsidiaries, ESG Reinsurance Ireland and Accent Europe Insurance Company are also in administration. Jim Luby of McStay Luby was appointed provisional administrator by the Irish High Court on 18 December.
