Welcome to the Meadows Indemnity Company Limited Website.
This site is designed to support/provide assistance with the proposal in relation to a Scheme of Arrangement pursuant to Part 26 of the Companies Act 2006 of Great Britain between Meadows Indemnity Company Limited (the "Company") and its Scheme Creditors (as defined in the Scheme of Arrangement).
Certain capitalised words and expressions contained on this website bear the same meaning as those given to them in the Scheme of Arrangement.
The primary objective of the Scheme is to terminate the run-off of the Company's business much earlier than would be the case if claims were left to mature in the normal course. It is presently envisaged that the Scheme will terminate in TBA 2009.
History of the Company
Meadows Indemnity Company Limited
The Company was formed on April 29, 1976 in St. Peter, Port, Guernsey, Channel Islands as an insurance and reinsurance company. It was a wholly owned subsidiary of Gould, Inc. whose headquarters were in Chicago in the state of Illinois, USA.
Initially, the Company participated only in insuring and reinsuring its parent’s property and casualty activities, but in 1978 it began to participate in external reinsurance risks.
The Company’s book of business included Aviation, Casualty, Financial, Marine, Non-Marine, Multi-Line, Professional Indemnity and Property accounts. The majority of these accounts were underwritten through the London market.
In early 1991, the Company ceased underwriting new reinsurance business and began the process of settling its outstanding insurance claims (went into run-off), which is still ongoing today.
The Meadows Syndicate, Inc
The Meadows Syndicate, Inc ("Meadows Syndicate") underwrote insurance policies and reinsurance contracts as a member of The New York Insurance Exchange, Inc ("Exchange"). In 1988, Meadows Syndicate withdrew from the Exchange and entered into an assumption agreement with The Travelers Indemnity Company ("Travelers"). In turn, the assumption agreement was reinsured by the Company. Subsequently, in 1992 Meadows Syndicate was dissolved and its remaining assets and liabilities were transferred to the Company in accordance with US law.
Travelers and the Company (both on its own account and as successor in interest to Meadows Syndicate) have entered into an agreement terminating their obligations under the reinsurance agreement and the assumption agreement. Notwithstanding the Company's belief that, under US law it is liable for the policies and reinsurance contracts underwritten by Meadows Syndicate due to the dissolution of Meadows Syndicate and the transfer of its liabilities to the Company, the Company has also entered into deed in favour of the policyholders of Meadows Syndicate assuming liability for their policies.
Business falling within the scope of the Scheme
The scope of the Scheme is limited to:
- all insurance and reinsurance policies underwritten by the Company; and
- all insurance and reinsurance policies underwritten by Meadows Syndicate as a member of the New York Stock Exchange.
A full description of the business falling within the scope of the Scheme and a summary of the terms of the Scheme are set out in the Explanatory Statement . Please refer to the Documents.