Got an e-mail from my friend John Denton at Marsh Risk Consulting about The English & American Underwriting Agency Pools (“EAU”) and their Scheme of Arrangement closure. Any historic London excess placements probably would have included one or more of the EAU companies as carriers. There are actions necessary to safeguard any outstanding claims, whether known or unknown (“IBNR” losses).
Failure to act by the April 11, 2011 Claim Bar Date will mean that the EAU shares of any outstanding or future claims will be lost forever.
To prevent this from happening, John recommends that those with legacy liabilities that impact historical policies (e.g. asbestos, pollution, historical health hazards, etc.), act now to assess the amount of exposure they have to the proposed EAU Scheme.
John can be reached at email@example.com or 212-948-2036.
That is all. For today, anyway.