Highlands Insurance Company has gone into administration
Dan Schwarzmann and Mark Batten from PricewaterhouseCoopers LLP were appointed joint administrators of Highlands Insurance Company (UK) Limited on 1 November 2007 after the directors concluded that the company was insolvent.
Highlands was established in 1974 and began writing business in 1982. It wrote predominantly London market excess of loss business until it went into run-off in January 1994.
As at 31 December 2005, the date of its last audited balance sheet, Highlands had gross technical insurance liabilities of approximately £77m.
Dan Schwarzmann, partner at PricewaterhouseCoopers LLP, said: “As a priority we plan to consult with major stakeholders in order to explore solutions to deal efficiently with creditors’ claims.”
It is the first time a UK insurance company has gone insolvent since AA Mutual applied for administration in 2004.