PwC to run Lloyd's insurance broker
PwC insolvency specialists Paul Evans and Dan Schwarzmann have been appointed joint administrators to Lloyd's insurance broker Stirling Cooke Brown.
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Stirling Cooke Brown, a medium-sized Lloyd’s broker, went into administration after losing a major litigation case brought against it in relation to reinsurance of workers’ compensation business in the US. The broker was one of several defendants in the action.
A recent balance sheet for the broker revealed assets and liabilities in excess of $900 million. The company is conducting an orderly run-off of its business, which will continue under the administrators’ control.
Joint administrator and PwC partner Paul Evans said the administrators would consider whether to appeal the judgement.