ALERT: Asbestos / Environmental – Orion Bar Date Nearing
September 12, 2016 deadline for submitting claims.
Orion Insurance Co. and The London and Overseas Insurance Co. Ltd. are insolvent London companies. Their Scheme of Arrangement is known as OIC Run-off Limited. OIC wrote substantial general liability coverage to many U.S. companies that now have long-tail liabilities such as asbestos and environmental. All Claims must be received prior to the Bar Date – September 12, 2016 at midnight (English time).
The Scheme allows policyholders to submit claims both for past amounts incurred, as well as future projected amounts (“IBNR” or Incurred But Not Reported). This Scheme of Arrangement is currently paying $.58 of established liabilities (i.e., claims approved for payment by the Scheme). In the secondary market, the claims are being valued at over $.72.
Policyholders should strongly consider investigating their historical coverages and submitting a claim, if appropriate, as the procedure is not difficult and the $.72 claim value in addition to the opportunity to submit IBNR makes potential return quite attractive. For additional information on the OIC Run-Off Limited Scheme of Arrangement, please contact email@example.com.