The High Court of Justice has sanctioned the transfer of insurance and reinsurance business from Aviation & General Insurance Company Ltd, a subsidiary of Ruxley Ventures, to Tenecom Ltd, one of the Berkshire Hathaway group of companies.
The business transferred principally comprises risks underwritten by Aviation & General in the UK between 1991 and 1993 as a participant in the British Aviation Insurance Group Pool and risks underwritten by Pearl Assurance plc during the same period, which were transferred to Aviation & General by means of an insurance business transfer scheme in May 2004. In addition, the transfer includes risks underwritten by Aviation & General through its German branch.
'The decision by the High Court marks the latest stage of our strategy for closing out all Aviation & General’s liabilities and follows close on the heels of the recent transfer of A&G’s Canadian branch liabilities,' says John Winter (pictured), chief executive of Ruxley Ventures.
'We have been conscious of the needs of policyholders throughout and are very pleased to have been able to work productively with Tenecom in creating a positive solution.'
