Lloyd's insurer appoints two administrators to sell off remainder of company
ESR, the Lloyd's insurer at the centre of a multi-million pound fraud, has gone into administration.
Two administrators from Grant Thornton have been appointed, who are looking to sell off two divisions of the company. The third, the surety bond division, which was the focal point for the fraud, has been deemed beyond rescue.
In a statement issued today, the company said: "The Directors of ESR Insurance Ltd have appointed Andrew Hosking and Stephen Akers, both partners of Grant Thornton, as Administrators of the company.
"The company has been left with significant potential claims from third party creditors. These contingent liabilities, together with the loss of income from its Surety Bond Division, have resulting in the Directors considering the company insolvent and hence Directors have decided that the appointment of Administrators is the only way forward for the company."
Andrew Hosking of Grant Thornton added: "It is hoped that through the administration process, the company’s other two Divisions can be preserved and sold for the benefit of the company’s creditors and that other potential realisations can be made in order to afford a compensatory package for those with claims."
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