BMA Wins Case For Insurer’s Liquidation
The South of England P&I protection and indemnity club has been put into liquidation after a bitter court battle with the Bermuda Monetary Authority [BMA] over its solvency and corporate governance, the “Insurance Insider” industry journal reports today [Nov.28].
Last Tuesday [Nov.22], a judge ruled that the provisional liquidation order against the independent, Bermuda-registered specialty marine mutual should be upheld and that it should be wound down.
A provisional order was issued on 12 October after the Bermuda Monetary Association [BMA] raised concerns over the shipping insurer’s solvency after liquidators were ally called in by the company’s auditors, KPMG.
The company started trading in 2004 and was registered in Bermuda, but appears to have been managed from Zurich, with most of the day-to-day claims management and some other services taking place in its UK base in Brighton.
