Independent Insurance liquidator Pricewaterhousecoopers (PWC) has announced that the failed firm's run-off company will be called Aurora Corporate Services.
Former head of Independent's Cheadle operation, Ken Blanc, has been named Aurora's chief executive.
Independent's liquidator, Dan Schwarzmann, told Insurance Times the name change was a way of motivating remaining Independent staff.
“We asked staff to choose a name for the subsidiary which they liked. Aurora was their decision,” he said.
He said the new company's lifespan was “indefinite” and it might become another Equitas, the run-off company created to handle Lloyd's of London's 1992 and prior liabilities.
“It's an interesting point. All the staff are committed to making sure creditors get the best deal and are focusing on Independent's liabilities. This, however, could take many years,” he said.
He also said an announcement would be made on the current state of the Chester Street liquidation and creditors would be given information “in the next two weeks”.
