BusinessBusiness RecoveryKPMG liquidators called in at Bermudan reinsurer

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
michael.tagg@kpmg.co.uk or Mark Allitt at
mallitt@kpmg.bm

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
FRP Advisory hires new partner from KPMG

Accounting Firms FRP Advisory hires new partner from KPMG

1y Richard Crump, Writer
Former Torex CEO sues KPMG and RBS

Accounting Firms Former Torex CEO sues KPMG and RBS

2y Richard Crump, Writer
BHS enters administration as Duff & Phelps fail to find suitable buyer

Accounting Firms BHS enters administration as Duff & Phelps fail to find suitable buyer

2y Fraser Simpson, Reporter
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

2y Chris Warmoll, Writer
MPs hear from trio of Big Four firms over BHS advice

Accounting Firms MPs hear from trio of Big Four firms over BHS advice

2y Chris Warmoll, Writer