CX Re enters administration

CX Reinsurance Company Limited has officially entered administration. 

It comes as the High Court appointed Richard Barker and Simon Edel of EY as the joint administrators of the UK reinsurance firm.

A statement on CX Re’s site reads: “In the interests of creditors and having considered all options to conclude the run-off, the directors resolved to place the Company in administration due to its financial position.

“The Administration of the Company does not terminate or cancel a current policyholder’s contract of insurance (unless specifically stated in their policy). Valid claims should continue to be submitted through the normal route.”

According to the firm, the administrators will issue formal notice of their appointment to all known policyholders “in due course”.

In addition, they will issue their proposals to all known creditors within eight weeks of appointment, and report every six months thereafter.

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