Ruxley’s business transfer to Berkshire Hathaway company given go-ahead
The High Court of Justice has sanctioned the transfer of insurance and reinsurance business from Aviation & General Insurance Company, a subsidiary of Ruxley Ventures, to Tenecom Limited, part of Berkshire Hathaway.
The business transferred is mostly risks underwritten by Aviation & General in the UK between 1991 and 1993 as a participant in the British Aviation Insurance Group Pool and risks underwritten by Pearl Assurance PLC during the same period, which were transferred to Aviation & General by means of an insurance business transfer scheme in May 2004.
In addition, the transfer includes risks underwritten by Aviation & General through its German branch.
John Winter, chief executive of Ruxley Ventures, said: “The decision by the High Court marks the latest stage of our strategy for closing out all Aviation & General’s liabilities and follows close on the heels of the recent transfer of A&G’s Canadian branch liabilities.
"We have been conscious of the needs of policyholders throughout and are very pleased to have been able to work productively with Tenecom in creating a positive solution. Over the years Ruxley has acquired a wealth of experience of business transfers which has been developed while working alongside some of the world’s leading insurance businesses.”