Mayer, Brown, Rowe & Maw LLP advise Great Lakes on reinsurance solvent scheme

Mayer, Brown, Rowe & Maw LLP's London insurance restructuring and insolvency group has advised Great Lakes Reinsurance on a solvent scheme of arrangement pursuant to Section 425 of the companies act 1985.

Great Lakes is a wholly-owned UK subsidiary of Munich Re and has entered into a solvent scheme of arrangement with its scheme creditors in respect of its treaty reinsurance book of business written between 1 January 1988 and 1 October 2004.

The scheme was approved by a substantial majority of scheme creditors and was sanctioned by Mr Justice Lewison in the English high court on 3 July 2007.

The Mayer, Brown, Rowe & Maw team was led by insurance insolvency and restructuring partner Ian McKenna assisted by Sarah Russell.

Great Lakes' scheme advisers were PricewaterhouseCoopers LLP.