Aviation & General Insurance's Canadian branch run-off policies transferred
Insurance investment boutique Ruxley Ventures has completed the transfer of the run-off policies of the Canadian branch of its subsidiary company, Aviation & General Insurance, to Global Reinsurance Company. The transfer completed on 30 September 2010.
Aviation & General Insurance became a subsidiary of Ruxley Ventures in 2003.
In March 2005, substantially all of the UK liabilities of Aviation & General Insurance were closed with the completion of a scheme of arrangement.
John Winter, chief executive of Ruxley Ventures said: “This transfer demonstrates Ruxley’s ability to successfully close old APH liabilities. We are confident that Global Reinsurance Company’s Canadian expertise will ensure an effective run-off of the few remaining liabilities in the transferred policies.
"Ruxley will continue to seek new opportunities in the run-off of APH (Asbestos, Pollution and Health Hazard) liabilities, which is our unique specialism, both here in London and internationally.”