Liquidator for Black Sea and Baltic

LONDON - Accountants from PricewaterhouseCoopers were yesterday trying to find alternative insurers for the 50,000 live policies currently written by Black Sea and Baltic General Insurance Company Limited. The company, owned by Russian insurer Ingosstrakh Insurance Company, is estimated to have gross liabilities of $100m, mainly in reinsurance, marine and personal lines business. Provisional liquidator, Daniel Schwarzmann said he expected to know soon how successful he had been in transferring the outstanding policies to other insurers. Meanwhile the Policyholders Protection Board has agreed to exercise its discretion to assist with the payment of claims from individual policyholders. PricewaterhouseCoopers expects claims in respect of third party compulsory risks will be payable in full and other claims will be payable at 90%.