LIQUIDATORS OF INSURERS ARE URGED TO BE MORE HELPFUL

Liquidators are being urged to offer more help and information after they are called in to handle the affairs of struggling UK insurers and reinsurers. The call was issued by the London-based Association of Run Off Companies (ARC), which argued that liquidators should be more public in their dealings. The association called for efforts to be made to avoid the long silences that occurred once liquidators were appointed. It added that liquidators could sometimes act too quickly in completely halting firms’ operations. ARC’s association secretary Leslie-Ann Giovnilli said that “we are trying to say to the liquidators to participate more — let people know what you are doing and why you are doing it”. She added that ARC was also hoping to encourage liquidators “to be more active in the market”. ARC, which was formed two years ago as a trade body for discontinued underwriters in the London market, acknowledged however that liquidators were becoming faster in their dealings. “They are interpreting things quicker and turning things around quicker”, Ms Giovnilli said.