Active client money arrangements to be managed by Arthur J. Gallagher
London broker FirstCity is under administration as part of the business goes into run-off.
David Costley-Wood and Michael Walker, restructuring partners at KPMG, have been appointed administrators of FirstCity Insurance Group Ltd and its subsidiary company, FirstCity Partnership Ltd, by the companies’ directors.
FirstCity Partnership operated as an insurance broker and risk management adviser in the London and international insurance markets.
FirstCity’s active insurance business was sold to Arthur J. Gallagher (UK) Ltd (AJG) in early April 2010, and all client money arrangements applicable to the active business are now being managed by AJG, which was confirmed by the FSA on 19 May 2010.
Walker commented: “We are currently assessing the position and are looking to put in place arrangements for the run-off of the inactive business as soon as possible.”