Independent Liquidators Set Up Run-off Vehicle

August 29, 2001

The provisional liquidators at PricewaterhouseCoopers, Mark Batten and Daniel Schwartzmann, announced that they have established Aurora Corporate Services as a wholly-owned subsidiary of Independent Insurance to act as a run-off company to marshall the assets and pay the outstanding claims to policyholders of the collapsed group.

Aurora will be headed by Ken Blanc, previously with Commercial Union and the head of Independent’s operations in Cheadle, near Manchester, when the company went into liquidation.

David McGuigan, currently at Scottish Lion, will join Aurora as managing director. and Chairman. He is the chairman of the Association of Run-off Companies.

Approximately 450 current staff members of Independent will become employees of Aurora, and will be relocated to Cheadle. Schwartzmann indicated that their knowledge of Independent’s business would ensure an efficient and effective run-off to the benefit of creditors and policyholders.

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