OIC Run-Off

What OIC Run-Off does

OIC Run-Off Limited (formerly Ralli Brothers Insurance Company Limited and The Orion Insurance Company plc) and The London and Overseas Insurance Company Limited (formerly Hull Underwriters' Association Limited and The London and Overseas Insurance Company plc) are English-incorporated insurance companies that ceased writing new business in 1992 and have since operated under UK Court-approved Schemes of Arrangement. PwC LLP's Dan Schwarzmann and Nigel Rackham serve as Scheme Administrators and Hampden PLC acts as Run-off Manager (since June 2021, having replaced Armour Risk Management Limited); together they administer outstanding claims, dividend distributions, and asset wind-down on behalf of Scheme Creditors.

The core product is the orderly wind-down of legacy insurance obligations through three successive Court-sanctioned mechanisms: the Original Scheme (effective 7 March 1997), the Amending Scheme (effective 14 January 2016), and the Final Scheme (sanctioned 23 May 2025). The Final Scheme introduced an Early Final Dividend Offer providing a 4.00% dividend that brings cumulative payouts to 80.00% for accepting creditors (paid late 2025/early 2026), versus a 2038 distribution ranging from 0.00% to 5.74% for non-acceptors. The technical architecture comprises a secure online portal (oic-efdo.com) for creditor self-service, a Dataprotection-compliant scheme website administered by Hampden PLC, and a layered financial guarantee stack (NNOFIC top-up facility up to US$2,000,000, Marco Re Insurance for long-dated tax risk, and a PwC UK on-demand guarantee).

Revenue is generated from investment returns on reserved assets and used to fund dividend distributions to creditors. The customer base consists of Scheme Creditors with Net Liabilities (OIC and L&O creditors) and Opt Out Qualifying ILU Policyholders with claims notified on or before 31 December 2035. There are no traditional pricing models — pricing manifests as dividend percentages and settlement certainty rather than fees. An independent Delegate (Chris Laughton of Mercer & Hole) and a Creditors' Committee provide oversight of the Scheme Administrators' actions.

Name

OIC Run-Off

Legal name

OIC Run-Off Limited

Website

https://oicrun-offltd.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

OIC Run-Off Limited and The London and Overseas Insurance Company Limited are English insurance companies in statutory run-off since 1992, managed by PwC LLP Scheme Administrators and Hampden PLC under UK Court-approved Schemes of Arrangement to settle legacy claims and distribute residual assets to Scheme Creditors via the Early Final Dividend Offer.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Asset Wind-down and Claim Settlement: The company manages remaining insurance assets and settles claims according to Court-approved Schemes of Arrangement. Revenue is generated from investment returns on reserved assets and distributed to creditors through dividend payments.

Distribution channels2 records

Marketing channels4 records

Core offering

OIC Run-Off Limited and The London and Overseas Insurance Company Limited (L&O) are English-incorporated insurance companies that ceased writing new business in 1992 and have since been managing legacy claims under UK Court-approved Schemes of Arrangement. They administer claim settlement, reinsurance recoveries, commutations, and dividend distribution to Scheme Creditors, including the Early Final Dividend Offer sanctioned under the Final Scheme of Arrangement on 23 May 2025.

Product overview

OIC Run-Off Limited and The London and Overseas Insurance Company Limited (L&O) are insurance companies incorporated in England that ceased writing new business in 1992 and have since been managing claims under UK Court approved Schemes of Arrangement. The company does not offer technology products or software services; rather, it provides insurance run-off management services including the administration of the Amending Scheme (effective January 2016) and the Final Scheme of Arrangement (sanctioned May 2025), as well as processing the Early Final Dividend Offer for eligible scheme creditors. The companies historically operated under different names: OIC was formerly Ralli Brothers Insurance Company Limited and The Orion Insurance Company plc, while L&O was formerly Hull Underwriters' Association Limited and The London and Overseas Insurance Company plc.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance Run-Off Management Services Management of legacy insurance claims, liabilities, reinsurance recoveries, and commutations for two English-incorporated insurance companies that ceased writing new business in 1992, administered under successive UK Court-approved Schemes of Arrangement.
• Early Final Dividend Offer An accelerated final dividend offer under the Final Scheme of Arrangement providing a 4.00% dividend to Eligible Scheme Creditors, bringing the cumulative dividend to 80.00%. Creditors accept the offer via a secure online portal, with payment commencing in late 2025 or early 2026.

Quantifiable outcome

• Early Final Dividend of 4.00% increases cumulative dividend to 80.00%, paid in late 2025/early 2026 vs waiting until 2038
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Hampden PLCcoreOthersHampden PLC is the current Run-off Manager responsible for managing the wind down of the Companies by handling the remaining claims and liabilities associated with their prior business. They can provide copies of documents and handle queries from Scheme Creditors. Contact: +44 (0) 207 863 6560, 40 Gracechurch Street, London EC3V 0BT. Hampden PLC administers the website on behalf of the Companies.
• PricewaterhouseCoopers LLP (PwC LLP)coreImplementation/ SI/ Consulting PartnerDan Schwarzmann and Nigel Rackham of PwC LLP are the appointed Scheme Administrators responsible for managing the Companies' affairs and implementing the Schemes of Arrangement. They issue the Notice of Effect and oversee the Early Final Dividend Offer. Contact: +44 (0) 207 583 5000, 7 More London Riverside, SE1 2RT. PwC also provides an on-demand guarantee (PwC UK Guarantee) to support the Marco Re Insurance.
• NNOFIC (Nationale-Nederlanden Overseas Finance and Investment Company)coreStrategic or Co-development PartnerNNOFIC is one of the largest insurance and asset management companies in the Netherlands. Pursuant to a guarantee, NNOFIC provides a 'top up' facility for the benefit of Qualifying ILU Policyholders. This ensures Qualifying Established Liabilities for claims notified on or before 31 December 2035 receive full (100%) payment. NNOFIC also has obligation to contribute difference up to US$2,000,000 if shortfall in Final Scheme Assets.
• Mercer & Hole (Chris Laughton)minorImplementation/ SI/ Consulting PartnerChris Laughton of Mercer & Hole, a licensed insolvency practitioner, was appointed as Delegate to provide an independent assessment of the Final Scheme and Early Final Dividend Offer. This appointment addresses any conflict of interest between the Scheme Administrators and PwC UK.
• Creditors' CommitteecoreStrategic or Co-development PartnerThe Creditors' Committee is a committee made up of creditors of the Companies with a duty to act in the interests of all Scheme Creditors. They have undertaken an independent evaluation of the Early Dividend Offer by commissioning a report from the Delegate and are unanimously supportive of the offer.

Scale indicators3 records

Recent moves5 records

Expansion highlights2 records

Direct peers

• DARAG Group: DARAG Group is a run-off specialist that provides finality solutions to insurance companies in legacy status, helping them close out discontinued books. Its service model parallels OIC Run-Off's scheme-based approach to concluding legacy insurance obligations.
• Catalina Holdings: Catalina Holdings is a run-off insurance specialist that acquires and manages legacy insurance companies and portfolios globally. Like OIC Run-Off, Catalina's core function is settling legacy claims and distributing residual assets to creditors or policyholders.
• Armour Risk Management: Armour Risk Management (now part of RiverStone) served as OIC Run-Off's run-off manager prior to June 2021. Both Armour and OIC operate in the run-off insurance management space, with Armour providing third-party legacy portfolio services.
• Hampden PLC: Hampden PLC is OIC Run-Off's current Run-off Manager and itself provides specialist insurance management services including run-off portfolio administration. While it is also a service provider to OIC, its core business of managing legacy insurance books is directly comparable.
• Randall & Quilter Investment Holdings: R&Q is a specialist run-off insurance manager that acquires and manages legacy insurance portfolios, very similar in operational concept to OIC Run-Off's role. Both entities exist to settle legacy claims, manage residual assets, and ultimately close insurance books in an orderly manner.
• Artex Risk Solutions: Artex Risk Solutions provides captive and run-off insurance management services, including legacy portfolio administration. Both Artex and OIC Run-Off operate in the same insurance run-off management space, addressing legacy claims and asset wind-down.
• Compre Group: Compre Group (formerly Catalina's European run-off platform) is a specialist legacy insurance manager focused on acquiring and resolving discontinued insurance books across Europe. Its operating model closely mirrors OIC Run-Off's scheme-based approach to legacy liability management.

Broad incumbents

• RiverStone International: RiverStone International is a major run-off manager and owner of Armour Risk Management, which served as OIC Run-Off's previous run-off manager until June 2021. Both firms operate in the same niche of third-party legacy insurance management and scheme administration services.
• Enstar Group: Enstar Group is the largest dedicated run-off insurance acquirer globally, actively purchasing legacy insurance portfolios to wind them down. While OIC Run-Off is a single captive legacy entity rather than an acquirer, both operate the same core activity: managing and resolving legacy insurance liabilities under regulated structures.

Emerging players

• Premia Holdings: Premia Holdings is an insurance run-off platform that acquires and manages legacy insurance liabilities. It operates in the same end-market as OIC Run-Off, addressing how insurers in discontinued status wind down their obligations efficiently.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-london-and-overseas-insurance-company-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OIC Run-Off