CX Reinsurance Company Limited

CX Reinsurance Company Limited (In Administration) (“CX Re” or “the Company”)

On 17 August 2020 the Company entered administration and Simon Edel and Richard Barker of Ernst & Young LLP were appointed as Joint Administrators. The appointment was made by an application to the High Court under the provisions of paragraph 12(1) (b) of Schedule B1 to the Insolvency Act 1986.

In addition, a Chapter 15 Recognition Order (“Chapter 15 Order”) was granted by the US Bankruptcy Court on 8 October 2020 pursuant to which the Joint Administrators are recognised as the foreign representatives authorised to act on behalf of the Company for the duration of the Chapter 15 case.

The Joint Administrators issued formal notice of their appointment to all known policyholders on 19 August 2020, and also issue their 6-monthly progress report to all known creditors via this website. A copy of the reports are available to view below. Should creditors wish to receive hard copies of each report, they should contact the Joint Administrators via email at CXRe@uk.ey.com.

The Administration of the Company does not terminate or cancel a current policyholder’s contract of insurance (unless specifically stated in their policy). Valid claims should continue to be submitted through the normal route.

Should you have any questions or require further information please do not hesitate to contact the Joint Administrators via email at CXRe@uk.ey.com.

Direct Scheme of Arrangement (“the Direct Scheme”)

As creditors may be aware, the Joint Administrators proposed that the Company enter into a Scheme of Arrangement (the “Direct Scheme”) pursuant to Part 26 of the Companies Act 2006 with its creditors with claims arising in respect of contracts of direct insurance (collectively the “Direct Scheme Creditors”). A contract of direct insurance means, for these purposes, the cover provided by an insurer to a non-insurer policyholder, as opposed to reinsurance cover provided by an insurer to cover insurance risks written by another insurer.

The Joint Administrators have therefore sent a letter to all known Direct Scheme Creditors, for which it has contact details, to inform them of the Administrators’ proposal to seek the court’s approval of a single class meeting for voting on the Direct Scheme (the “Practice Statement Letter” or “PSL”).

Any person who believes that they may be affected by the Direct Scheme is invited to read the PSL and the information available on the CX Re Direct Scheme Website. A copy of the PSL is also available to view below.

Should you have any questions in relation to the Direct Scheme, please contact the Company at CXReClaims@uk.ey.com.

CX Re is authorised by the Prudential Regulation Authority as a non-life insurance company and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) (together “Regulators”).  It was established in December 1972 as Continental Casualty Company Limited and changed to CX Re in October 2002.

Richard Barker and Simon Edel are licensed in the United Kingdom to act as insolvency practitioners by The Insolvency Practitioners Association. As Insolvency Practitioners, they are bound by the Insolvency Code of Ethics in carrying out all professional work relating to the appointment.

The affairs, business and property of CX Reinsurance Company Limited (In Administration) (“the Company” or “CX Re”) are being managed by the Joint Administrators, Richard Barker and Simon Edel, who act as agents of the Company only and without personal liability.

The Joint Administrators may act as data controllers of personal data as defined by the UK General Data Protection Regulation (as incorporated in the Data Protection Act 2018), depending upon the specific processing activities undertaken. Ernst & Young LLP and/or the Company may act as a data processor on the instructions of the Joint Administrators. Personal data will be kept secure and processed only for matters relating to the Joint Administrator’s appointment.  The Office Holder Data Privacy Notice can be found at www.ey.com/uk/officeholderprivacy.