BusinessBusiness RecoveryPwC to run Lloyd’s insurance broker

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.

Link: For more administration stories

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.

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