The run-off of the Kwelm companies - five insolvent London market insurers that owe billions of pounds - could be nearing its conclusion.
According to reports the administrators of the Kwelm companies, an acronym for the five London market insurers that collapsed a decade ago, yesterday announced their latest distribution to creditors.
The Kwelm companies - Kingscroft, Walbrook, El Paso, Lime Street and Mutual - specialised in US casualty and professional indemnity insurance.
The administrators said: "Later this year, we will be putting forward proposals to creditors [that] could result in earlier closure being achieved and the substantial balance of funds available to be paid to them within three years."
This month creditors are set to receive an additional 9% payout across the five companies.
Administrators Chris Hughes and Ian Bond told the FT: "Our original outline timescale for the effective run-off of the Kwelm companies extended beyond 2015. But based on the progress now made, we believe it will be possible to conclude in a significantly shorter timescale."
