News
ESG in liquidation
4 January 2010
Mike Morrison and Charles Thresh of KPMG Advisory Ltd in Bermuda and Michael Walker of KPMG LLP in the UK were appointed joint provisional liquidators of ESG Reinsurance (Bermuda) Ltd on 24 December 2009 by the Supreme Court of Bermuda.
ESG provided accident, medical, financial and special risk reinsurance but has not written new reinsurance business since 1998. It is managed by Quest Management Services in Bermuda.
Says Morrison: ‘Unfortunately ESG’s financial position is such that it does not have sufficient assets to cover its liabilities. We are currently determining a more detailed understanding of ESG’s financial position and would urge creditors and other counterparties of ESG to make contact with us as soon as possible.’
Interested parties should contact Michael Tagg at michael.tagg@kpmg.co.uk or Mark Allitt at mallitt@kpmg.bm for further information.
- Mr Jim Luby of McStay Luby was appointed provisional administrator of ESG Reinsurance Ireland Ltd and Accent Europe Insurance Company Ltd by the Irish High Court on 18 December 2009. Both of these companies are subsidiaries of ESG Reinsurance (Bermuda) Ltd.
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