Pricewaterhousecoopers (PWC) has paid the first interim dividend on claims from Charter Reinsurance Company's creditors.

Joint scheme administrators Philip Singer and Mark Batten said the payment was 25p in the pound on admitted claims. Dividend cheques were sent on 2 November.

Batten said: "The second dividend depends on the resolution of claims in respect of Kuwait Airways and Exxon Valdez losses."

Charter ceased underwriting in 1993. PWC were appointed in 1994.