Global General Files For Ch. 15, Seeks Cut-Off Scheme

Law360, New York (January 31, 2011, 5:20 PM EST) -- London-based Global General & Reinsurance Co. Ltd., formerly the sixth-largest reinsurance company in the world, has launched a Chapter 15 bankruptcy petition in the U.S.

The insurance and reinsurance company, which ceased underwriting and went into run-off in October 2002, filed the petition Monday in the U.S. Bankruptcy Court for the Southern District of New York, citing both liabilities and assets in excess of $100 million.

Simon Brincklow, a foreign representative for Global General's main proceedings in the High Court of Justice of England and Wales,...
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