The administrators of the Kwelm group of companies have announced that creditors of...
The administrators of the Kwelm group of companies have announced that creditors of the company would, on average, receive an additional 11% of the value of outstanding claims.
The average pay-out to creditors of the five insolvent London market insurance companies – Kingscroft Insurance, Walbrook Insurance, El Paso Insurance, Lime Street Insurance and Mutual Reinsurance – will be 64% of liabilities with immediate effect, the administrators said in a statement.
Kwelm's administrators also said the average payment was likely rise to between 68% and 74% of liabilities over the next 12 months.
A spokeswoman for Kwelm said better-than-expected collections from reinsurers and investment income, along with actual claims being lower than initial estimates, had contributed to the increased pay-out.
