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The Catholic Church insurer is planning to enter a scheme of arrangement amid uncertainty over the quantum of long-term sex abuse and other claims and to avoid formal insolvency.
Catholic Church Insurance chairman Joan Fitzpatrick has written to policyholders proposing a scheme of arrangement, which is a common procedure in global insurance markets amid uncertain future claims.
Ms Fitzpatrick said that it was possible that further claims could emerge that could endanger CCI’s solvency, “resulting in significant impacts on policyholders’’.
A scheme of arrangement, she said, would seek to ensure that a formal insolvency process was avoided.
“Based on estimates of claims as at end of May 2023, CCI currently has sufficient assets to meet its liabilities as they fall due,’’ Ms Fitzpatrick writes.
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