GLM Pool
Proposed schemes of arrangement in relation to certain business written by
the GLM Pool (formerly known as V.J. Wright Underwriting, Wright
Underwriting Group and Gerling Global London Market)
The contents of this website are not a substitute for the
contents of the Scheme document. Scheme Creditors (as defined in the Scheme)
should read and consider carefully the Explanatory Statement and the full text
of the Scheme document.
Capitalised terms used on this website are defined in the Scheme
and shall have the same meaning as given to them in the Scheme.
Latest Developments
Final Claims Submission
Following the Final Claims Submission Date (25 January 2008), Scheme
Creditors are no longer entitled to assert any additional Scheme Claims.
Scheme Effective Date (10 July 2007)
The meetings of the Scheme Creditors of each Scheme
Company were held on 28 February 2007 and the Scheme was duly approved by the
requisite majorities of the Scheme Creditors of each Scheme Company. The Scheme
was sanctioned by the High Court of Justice in England and Wales on 9 July 2007
and became effective and binding on the Scheme Companies and their Scheme
Creditors on 10 July 2007.
On 23 July 2007, Scheme Creditors were sent a notice of the
Effective Date and a Claim Form. Under the terms of the Scheme, Scheme
Creditors must complete and return a Claim Form to PRO by the Final Claims
Submission Date, which is on or before 5.30 p.m. London time on
25 January 2008. If a Scheme Creditor fails to return a completed Claim
Form to PRO by the Final Claims Submission Date it will result in PRO
attributing a nil value to the Scheme Creditor’s Scheme Liabilities and such
Scheme Liabilities will be deemed to have been satisfied in full under the
Scheme. Claim Forms are available to download from the
Important Documents page of this
website or on request by emailing Pro_glmhelpline@pro-ltd.co.uk
or by telephoning the Scheme Helpline Number +44(0)20 7929 5742.
The Explanatory Statement, Scheme, Voting Form,
Form of Proxy and Notice of Scheme Meetings were sent to Scheme Creditors on 19
December 2006. These documents are also available from the Scheme Manager
and on the Important
Documents page of this
website.
Please continue to review this website for more updates.
Background to the proposed Scheme
The Scheme Companies (whose names are listed on the GLM Pool page of this
website) which together participated in the GLM London Market Pool (the GLM
Pool) have each entered into a solvent scheme of arrangement pursuant to
section 425 of the Companies Act 1985 with their respective Scheme Creditors
(together the Scheme) in order to finalise their reinsurance liabilities in
relation to the business of the GLM Pool (other than the Swedish Motor Pool
business and Unpaid Agreed Claims).
Please also refer to the FAQs page where a number of
questions and answers will provide further information.
We would strongly recommend that Scheme Creditors read the Explanatory
Statement and the Scheme in full in order to fully understand all advantages
and disadvantages of the Scheme.
Introduction
PRO Insurance Solutions Limited provides this website according to the
Legal Disclaimer. Please read this disclaimer as well as the
Privacy Statement. By using this website you agreed to be bound by the
terms and conditions as defined.
This page includes the Scheme documentation and all
the circulars sent to policyholders where an address was known to PRO (which
can be downloaded from that page).
PRO Insurance Solutions Limited provides this website
according to the Legal
Disclaimer. Please read this
disclaimer as well as the
Privacy Statement. By using this
website you agree to be bound by the terms and conditions as defined.
