TMEI has implemented a solvent scheme of arrangement (the
"Scheme") pursuant to Part 26 of the Companies Act 2006 to finalise certain
reinsurance liabilities of TMEI as defined within the Scope of the
PRO Insurance Solutions Limited ("PRO") is the TMEI run-off manager
for the relevant business and Scheme Manager (contacts).
If you would like any information concerning your contracts with TMEI
or if you would like to discuss the valuation of your claims in the Scheme,
please contact PRO.
Certificate of Completion - 14 November 2012
PRO Insurance Solutions Limited, acting as Scheme Manager, has
issued a Certificate of Completion for the Scheme Company pursuant to which the
Scheme has been declared complete in respect of all Scheme Creditors on 14 November
2012 (the "Completion Date"). Following the Completion Date, no Scheme Creditor
is entitled to any claim on, recovery from, or interest on, any Security,
guarantee or indemnity in respect of a Scheme Claim or otherwise to make any
claim or receive payment in respect of a Scheme Claim. A copy of the Certificate
is contained at (Important Information).
Notice of Impending Completion - 14 September 2012
PRO Insurance Solutions Limited, acting as Scheme Manager, has concluded that the Scheme has
been implemented in accordance with its terms and that the provisions of clauses 2 and 3 of
the Scheme (regarding the agreement, adjudication and payment of Scheme Claims) have been
complied with. It is therefore proposed that the Scheme will be declared complete on 14th
November 2012 (the proposed "Completion Date").
Bar Date for Claim Submissions - 12 October 2011
Following the Bar Date, Scheme Creditors are no longer entitled to assert any additional Scheme Claims.
Chapter 15 Order made on 8 September 2011
On behalf of TMEI and as its foreign representative, David McGuigan filed a petition
pursuant to Chapter 15 of the United States Bankruptcy Code, with the United States Bankruptcy Court
for the Southern District of New York. Pursuant to Chapter 15, TMEI sought, amongst other things, an
order that its Scheme be given full force and effect in the United States. On 8 September 2011, the United
States Bankruptcy Court granted recognition of the Scheme. The Chapter 15 order made by the Court on 8 September
2011 provides that the Scheme is to be given full force and effect in the United States, and provides for a permanent
injunction and related relief. A copy of the Court's order is contained at
U.S. Recognition - 18 July 2011
Please take notice that on 18 July 2011, David McGuigan, as the duly appointed foreign
representative of Tokio Marine Europe Insurance Limited (the "Scheme Company") filed a verified petition
under chapter 15 of title 11 of the United States Code (the "Bankruptcy Code") for recognition of the
Scheme Company's English Proceeding and Scheme sanctioned by the High Court of Justice of England
and Wales on 15 April 2011; and for a permanent injunction and related relief pursuant to chapter 15 of
the Bankruptcy Code. All of the relevant chapter 15 pleadings and the motion requesting recognition and
permanent injunctive relief can be found and downloaded below on this website.
Please note that the United States Bankruptcy Court has scheduled a hearing for the recognition of the English Proceeding and the Scheme to be held on 8 September 2011 at 10:00 a.m. (Eastern Time)
at the United States Bankruptcy Court for the Southern District of New York, before
The Honorable Martin Glenn, in Courtroom 501 of the Bankruptcy Court located at The Alexander Hamilton
Custom House, One Bowling Green, New York, New York 10004-1408. Any Scheme Creditor, or party in
interest, wishing to submit a response or objection to the Chapter 15 petition and motion for recognition
and the injunctive relief requested by the foreign representative must do so electronically with the Court
if you are a registered user of the Court's electronic case filing system in accordance with General Order
M-242 (a copy of which may be viewed on the Court's website at
www.nysb.uscourts.gov), or on a 3.5 inch disc, preferably in
Portable Document Format (PDF), Word Perfect or any other Windows-based word processing format,
which disk shall be sent to the Office of the Clerk of the Court, Room 534, One Bowling Green, New York,
New York 10004-1408. A hard copy of such response or objection must also be sent to the Chambers of
the Honorable Martin Glenn, United States Bankruptcy Judge, and served upon Sidley Austin LLP, 787
Seventh Avenue, New York, New York 10019 (Attention: Lee S. Attanasio and Alex R. Rovira), United
States counsel to the Petitioner, so as to be received on or before 4:00 p.m. (Eastern
Time) on 29 August 2011.
Please also note that a separate bar date is not being
established in the Scheme Company's chapter 15 case. Pursuant to the Scheme, Claim Forms and
supporting evidence must be returned to Pro Insurance Solutions Limited, the Scheme Manager, by no
later than the Bar Date 12 October 2011. If you have not received a Claim Form or have questions
regarding the submission of claims, please contact the Scheme Manager (contacts).
Scheme Effective Date - 15 April 2011; Bar Date - 12 October 2011
Following the re-convened Creditors’ Meeting on 7 April 2011 at which Scheme Creditors unanimously voted in favour of the solvent scheme proposed by the Scheme Company, the High Court of Justice of England and Wales has sanctioned the scheme of arrangement between the Scheme Company and its Scheme Creditors (the "Scheme").
A copy of the order sanctioning the Scheme was delivered to the Registrar of Companies in England and Wales on 15 April 2011 and the Scheme became effective for the Scheme Company on that date (the "Effective Date"). Please note that all Scheme Creditors are now bound by the provisions of the Scheme.
Claims Forms and supporting evidence must be returned to PRO Insurance Solutions Limited, the Scheme Manager, by no later than 12 October 2011, the “Bar Date”. Information on how to complete your Claim Form can be found under the heading “Return of Claim Forms” below.
Return of Claim Forms
For each Scheme Creditor of which it is aware, the Scheme Manager will prepare a Claim Form. Included with the Claim Forms will be the details it has of: (1) each Scheme Reinsurance Contract of which it is aware and which may give rise to a Scheme Claim; and (2) any Unpaid Agreed Claims of which it is aware arising under such Scheme Reinsurance Contracts.
If you would like to submit a Scheme Claim, please refer to the Claim Form and the instructions and notes forming part of it carefully before completing and submitting your Claim Form.
The Claim Form can also be supplied electronically in Microsoft Excel format by the Scheme Manager. Scheme Creditors are strongly encouraged to request this and to enter their policy and claims data on the Excel spreadsheet, where possible, because this should be easier than entering such data on the paper spreadsheet. Alternatively, a blank copy of the Claim Form can be downloaded from Important Information.
Claim Forms may be submitted by completing and returning a Claim Form, together with the evidence supporting your Scheme Claim, to the Scheme Manager by e-mail, post or fax. Where e-mail is used, the Claim Form must be sent in pdf or tif format showing a scanned image of the completed Claim Form (although the completed policy schedule showing which policies you are asserting Scheme Claims against may be attached as an Excel spreadsheet). Forms sent by e-mail or fax will only be accepted if they are legible.
The Claim Form and supporting evidence must be received by the Scheme Manager (contacts) by no later than the Bar Date, after which no new or revised Claim Form will be admitted. The Bar Date is 11.59 pm, London Time on 12 October 2011.
Scheme Creditors should note that any estimates of the value of their Scheme Claims made on, and evidence provided in connection with, a Claim Form may not be protected by privilege and may be discoverable, for example on the application of a third party with a claim against the Scheme Creditor, in any action or proceedings to which the Scheme Creditor might be a party. Scheme Creditors should consult their own professional advisers as to the consequences of furnishing such particulars.
Please check this site for further updates. Meanwhile, please contact the Scheme Manager if you have any queries.
15 April Sanction Hearing 2011
The scheduled Sanction Hearing is due to take place on Friday 15th April in Court 54 at 10:30 a.m.
7 April 2011
The re-convened Creditors’ Meeting took place on 7 April 2011 and all Votes cast were unanimously in favour of the Scheme.
The Sanction Hearing is expected to take place very shortly and when known the details will be posted on this Website.
30 March 2011 - IMPORTANT NOTICE: CREDITORS’ MEETING WILL BE RE-CONVENED ON 7 APRIL 2011
The Creditors’ Meeting on 8 March 2011 was opened and adjourned without a vote taking place. The date of the re-convened meeting will be 7 April 2011. The Meeting will be held at the offices of Sidley Austin LLP, Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA commencing at 11am London Time
Further to the 2 March update below, George Maher’s replacement as Vote Assessor is John Birkenhead of HJC Actuarial Consulting Limited. Amendments to the Scheme document, Explanatory Statement and Voting Form reflecting Mr Maher’s replacement by Mr Birkenhead can be found on the “Important Information” page of this Website. Mr Birkenhead’s CV is at Schedule IV of the amended Explanatory Statement.
Those Scheme Creditors who originally submitted votes for the meeting convened for 8 March 2011 are not required to resubmit those votes for the 7 April meeting - the original votes will be used. However, any Scheme Creditors who have already submitted votes, but who wish to submit new votes are able to do so by sending a new Voting Form to be received by PRO before 7 April 2011 or by voting at the re-convened meeting on 7 April 2011. Any Scheme Creditor who has not submitted a vote may do so prior to or at the re-convened meeting. Scheme Creditors and their proxies are asked to bring any new or re-submitted votes and supporting documents to the meeting on 7 April, and if possible to send them to PRO (e-mail: PRO_TMEI@pro-ltd.co.uk) in advance.
PRO (contacts) will be happy to assist any Scheme Creditors with questions.
CREDITORS’ MEETING ADJOURNED TO A DATE TO BE CONFIRMED HERE SHORTLY
The Creditors’ Meeting on 8 March 2011 was opened and adjourned without any voting taking place. The date of the re-convened meeting will be confirmed on this Website shortly. It is presently expected that the re-convened meeting will take place on or around 7 April 2011. Any Scheme Creditors with questions regarding the adjournment or any aspect of the Scheme should contact PRO (contacts).
2 March 2011 - IMPORTANT NOTICE REGARDING ADJOURNMENT OF THE MEETING OF CREDITORS CONVENED FOR 8 MARCH 2011
George Maher is leaving Towers Watson and as a consequence, he will not be able to undertake the roles of Vote Assessor and Scheme Adjudicator after his departure. A replacement Vote Assessor and Scheme Adjudicator is being appointed and we will post details of the replacement on this Website shortly.
Accordingly, with apologies for any inconvenience this may cause, TMEI wishes to advise that the Meeting of Creditors convened for 8 March 2011 (to be held at the offices of Sidley Austin LLP, Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA commencing at 11am) will now simply be opened and adjourned on that date.
The date of the re-convened meeting (likely to be on or around 7 April 2011) will be confirmed on this Website shortly. As no voting will take place at the Meeting on 8 March 2011, creditors wishing to cast votes need not attend this Meeting.
Those Scheme Creditors who originally submitted votes for the meeting convened for 8 March 2011 will not be required to resubmit those votes for the reconvened meeting. However, any Scheme Creditors who have already voted but who wish to submit new votes will be able to do so. PRO will shortly be contacting all Scheme Creditors who have submitted votes together with those who have indicated to PRO that they propose to attend the Meeting on 8 March 2011.
Meanwhile, if any Scheme Creditors have any questions concerning this adjournment or any other aspect of the Scheme, please contact PRO (contacts) who will be happy to assist. Alternatively, notwithstanding the proposed adjournment, Scheme Creditors may attend the meeting on 8 March 2011 and speak to PRO then.
17 December 2010 - Meeting of Creditors - Proxy and Voting Forms
Proxy and Voting Forms, alongside the Scheme Explanatory Statement, Notice of Meeting and location map have been sent to all known TMEI Scheme Creditors and to certain London market brokers, agents and intermediaries (requesting that they notify any of their clients that they feel may be affected by the proposed Scheme). Please refer to Important Information page for copies of the Scheme documentation and if required a blank Proxy and Voting Form which may be downloaded from this website.
2 December 2010 - Leave to Convene Meeting of creditors granted
On 2 December 2010, the High Court granted TMEI permission to convene a meeting of Scheme Creditors to vote on the proposed solvent Scheme. The meeting will take place at the offices of Sidleys LLP at Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA, United Kingdom at 11am London Time on 8 March 2011. Formal notification of the meeting together with the Scheme documentation and details of how to vote at the meeting will be sent to Scheme Creditors shortly and the Scheme documentation added to the Important Information page.
29 November 2010 - Leave to Convene Court Hearing
The court hearing date for permission to convene a meeting of Scheme Creditors is scheduled for 2 December 2010.
23 November 2010 - Leave to Convene Court Hearing
TMEI intends to apply to the High Court on 2 December 2010 for permission to convene a meeting of its Scheme Creditors to vote on its Scheme, the date of this hearing will be confirmed on this website when known. The date of the Creditors’ Meeting will be confirmed on this website once known and formal notice sent to Scheme Creditors.
28 August 2009 - Practice Statement Letter (PSL) The PSL was sent to
all TMEI Scheme Creditors where an address was known to TMEI; advising
policyholders that TMEI propose the Scheme to finalise certain reinsurance
liabilities. A copy of the PSL has also been sent to certain London market
brokers, agents and other intermediaries as well as requesting that they notify
any of their clients that they feel may be affected by the proposed Scheme.
Please refer to the Important Information
page for details.
This page gives details of the proposed Scheme Manager and how to
contact the TMEI Scheme Helpline. If you would like any information concerning
your contracts with TMEI or if you would like to discuss the valuation of your
claims in the Scheme, please contact PRO.
If the Website does not contain particular information you are
looking for, please contact the TMEI Scheme Helpline.
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