Stronghold Insurance Company Limited (00736581): administration
- Status
- Administration ended
- Administration began
- 2019-06-27
- Administrators' firm
- PwC
- Incorporated
- 1962-09-28
- Location
- Leeds
- Industry
- 65120 Non-life insurance
From the administrators' statement
The Company was incorporated in 1962 and during its active underwriting life it wrote direct and reinsurance USA Casualty business either by way of Treaty Excess of Loss to the London Market and USA companies, or by way of Surplus Line insurance. The underwriting of the Company was directed by Donald Fox and initially it wrote exclusively non-proportional and reinsurance business. The Company wrote its first risk on 31 October 1962. With effect from 5 July 1965, the Company formed an association with Eagle Star to cede a fixed percentage of its casualty facultative book of business to Eagle Star. This "Quota Share Agreement" enabled the Company to operate as a London Market Company Lead. This arrangement with Eagle Star ceased by 1968. By 1970, the Company made the decision to extend its activities into certain selected areas of proportional treaty business. For many years the Company had provided fronting facilities to companies who were otherwise unable to write certain classes of business. These included Turegum from 1962 to 1969 inclusive, and the R.W. Gibbon & Son Agency Companies.
From the early 1980s, the Company began to experience an increase in notifications in respect of asbestosrelated and environmental pollution claims emanating from the USA arising from policies written in the 1960s, 1970s and 1980s. As a consequence, the Company, for all practical purposes, ceased underwriting at the end of 1984 with only limited business being written in 1985 where there had been a contractual obligation in force to renew.
Administrators' statement of proposals (2019-08-29) · Companies House register