Chester Street unveils scheme of arrangement

LONDON - Chester Street Insurance Holdings has unveiled plans for a schemeof arrangement to run-off employers' liability business which it wrote until1990 as Iron Trades Holdings Limited. The group sold the on-going concernIron Trades Insurance Company to QBE International Insurance in Februarythis year, but Chester Street remained exposed to significant claims arisingfrom industrial diseases � particularly related to asbestos. The scheme ofarrangement is subject to the approval of Chester Street shareholders whoare due to vote on February 5 next year.