Lloyd's broker Stirling Cooke Brown has appointed Paul Evans and Dan Schwarzmann of PricewaterhouseCoopers (PwC) as joint administrators.
The move follows its defeat in the recent Sphere Drake v Euro International Underwriting case.
PwC will now examine whether to appeal the case which involved the placing of reinsurance policies covers' compensation carve-out business in the US.
Evans said: "The administrators face three complex tasks: the question of whether to appeal the recent judgement, the realisation of the insurance broking assets for the benefit of the company's creditors, and the establishment with the company's clients of an agreed approach to the orderly processing of remaining claims.
"We look forward to early discussions with clients as to the most appropriate means of controlling the run-off."
