Insurer set to enter scheme of arrangement

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The Financial Services Compensation Scheme (FSCS) has paid out around £404m for claims made against Independent Insurance since 2001, according to an FSA document.

The document, FSCS funding model review, also said that £500m of Independent’s assets had been realized for its creditors since it went bust in 2001.

Independent is also set to enter a scheme of arrangement later this year.

FSCS payments against Independent peaked in 2003, with around £90m paid out in that year alone.

 

 

 

 

 

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