Update on the orderly run-off of CCI business
Catholic Church Insurance (CCI) has today written to all policyholders to provide an update on the orderly run-off of the business, announced on 30 May 2023.
CCI is proceeding with this orderly run-off. Given the ongoing uncertainty surrounding the development of claims from policyholders, the company is proposing a Scheme of Arrangement as a precaution to ensure a fair, equitable and managed regime would be implemented quickly for the benefit of policyholder creditors in the event CCI might otherwise become insolvent.
A Scheme of Arrangement is an accepted and responsible measure to protect policyholders in an uncertain environment and is subject to Court approval and independent review to ensure it is in the best interests of policyholders.
This proposal is expected to be voted on by policyholders in October 2023.