KPMG liquidators called in at Bermudan reinsurer
Liquidators taking over after ESG Bermuda has failed to write new reinsurance business since 1998
Liquidators have been appointed at Bermuda-based reinsurer ESG at the request
of judges.
Mike Morrison and Charles Thresh of KPMG Advisory Ltd in Bermuda and Michael
Walker of KPMG LLP UK were appointed joint provisional liquidators of ESG
Reinsurance (Bermuda) Ltd on Christmas Eve by order of the Supreme Court of
Bermuda.
The company provided accident, medical, financial and special risk
reinsurance but has not written new reinsurance business since 1998, the firm
said today.
Mike Morrison, joint provisional liquidator of ESG and insurance
restructuring partner at KPMG, said: “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.”
Two subsidiaries, ESG Reinsurance Ireland Limited and Accent Europe Insurance
Company Limited are also in administration.
Jim Luby of McStay Luby was appointed provisional administrator of the two
divisions by the Irish High Court on 18 December.
Interested parties have been asked to contact Michael Tagg at
[email protected] or Mark Allitt at
[email protected]