| HIH Insurance > Home | ||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
The above figures are preliminary estimates only. Final outcomes may vary considerably from these estimates, depending on reinsurance collected, development of future claims patterns, bad debt levels, other asset recoveries, the success of litigation, nature of claims and costs incurred. 14.46 cents in the dollar has been paid to most HIH Casualty and General Insurance Ltd creditors with insurance liabilities worldwide. 9 cents in the dollar has been paid to all other HIH Casualty and General Insurance Ltd creditors. The exception to this remains those HIH Casualty and General Insurance Ltd creditors with insurance liabilities in the US who are entitled to benefit from the Trust Funds held by the New York Superintendent of Insurance. * Payment of 14.46 cents in the dollar to this class of US creditors, to bring them in line with all other HIH Casualty and General Insurance Ltd creditors with insurance liabilities worldwide, can be made as soon as the Superintendent seeks and obtains approval from the New York Supreme Court that has jurisdiction over the Trust Funds. Agreement was reached in early 2008 with the Superintendent to release the Trust Fund, to allow payment to US creditors who are the beneficiaries of these funds. The Australian Liquidators have requested on many occasions that the Superintendent make the necessary application to the New York Supreme Court for approval of the agreement, but the Superintendent has not yet made the application. |
||||||||||||||||||||||||||||||||