City General
Insurance Company Limited
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This site is designed to support/provide assistance in relation to a Closure Plan pursuant to Part 26 of the Companies Act 2006 of Great Britain between City General Insurance Company Limited (the "City General") and its Eligible Policyholders (as defined in the Closure Plan). Certain capitalised words and expressions contained on this website bear the same meaning as those given to them in the Closure Plan. The primary objective of the Closure Plan is to terminate the run-off of City General'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 Closure Plan will terminate in March 2010. History of the Company City General Insurance Company Limited City General was incorporated in England on 5 November 1951 as a private limited company under the name City General Insurance Company Limited, company number 00501027. City General's registered office is No. 1 Liverpool Street, London, EC2M 7QD. City General wrote business through the Lloyd's and company London market from 1952 until 1967. In October 2002, City General implemented a solvent scheme of arrangement, under section 425 of the Companies Act 1985 (the "2002 Arrangement"). The 2002 Arrangement was similar to the proposed Closure Plan and crystallised the Company's liabilities in respect of all contracts of insurance and reinsurance issued by it. The final payment to policyholders under the 2002 Arrangement was made in May 2003 and, as a result, all of City General's outstanding liabilities under its insurance and reinsurance business as it was constituted at the time were extinguished. On 15 October 2007 City General accepted a transfer of insurance and reinsurance policies ("Insurance Contracts") from Generali Assurances Générales ("GAG"), a Swiss company in the Generali Group, pursuant to Part VII of the Financial Services and Markets Act 2000 (the "Business Transfer"). The Insurance Contracts were written by GAG in the United Kingdom between 1 January 1956 and 17 March 1970 under its former name Swiss Union General Insurance Company. City General has no insurance liabilities other than those arising under the Insurance Contracts. Business falling within the scope of the Closure Plan The Closure Plan only affects City General's existing and potential future liabilities arising under the Insurance Contracts. Certain contracts written by GAG were excluded from the Business Transfer and are not therefore included within the scope of the Closure Plan and these are listed at Appendix 10 to the Explanatory Statement. A full description of the business falling within the scope of the Closure Plan and a summary of the terms of the Closure Plan are set out in the Explanatory Statement. Please refer to the Documents section of the website for a copy of the Explanatory Statement. |