PRO confirms meeting of WFUM creditors...
PRO Insurance Solutions (PRO), the proposed scheme manager of the WFUM Pools Scheme - the major participant of which is the insolvent Sovereign Marine & General Insurance Company (Sovereign) - confirms that the meetings of creditors for all 16 of the participants in the WFUM Pool Schemes were convened in London on 27 October 2006. Votes were cast by creditors of 14 of the scheme companies.
The meetings of two companies, Hibernian General Insurance and Sphere Drake Insurance, both of which only have small participations in the pool, were adjourned prior to the voting process.
As outlined in the WFUM scheme document and in line with market best practice, the independent chairman of the meetings, Stephen Adamson, is reviewing the votes and values submitted prior to reporting to the court on the outcome of the voting for each scheme.
PRO will announce the outcome following the completion of the independent chairman's review. It is expected that the result will be announced in early 2007 following which the appropriate sanction hearings will be convened.
