Northumberland General Insurance Company

Northumberland General Insurance Company remains in active insolvency proceedings in Ontario, with the Canadian Estate — which excludes the U.S. Branch and the Regulation 41 Trust Funds administered separately by the New York Superintendent — well advanced. Claims totalling approximately $131 million were filed by policyholders and ordinary creditors in response to the call for claims. Included Policyholders were paid 100 cents on the dollar cumulatively by the third interim distribution, and Included Ordinary Creditors and Her Majesty's pre-April 1, 1986 Industry-Funded Expenses claims by the fourth interim distribution in 1996. As at January 31, 2010, outstanding policy claims reserves stood at $19.3 million — $5.3 million of known unsettled claims and $14 million of contingent claims arising from 17 claims filed by three policyholders — alongside $5.5 million of unclaimed dividends for policyholders who cannot be located. A proposed sixth interim distribution of $13.7 million includes $2,253,286.98 on Her Majesty's post-March 31, 1986 Industry-Funded Expenses claim, plus interest of approximately $367,459.00, that interest claim being subordinated to Included Policyholders and Ordinary Creditors by settlement. Following the distribution, $51.1 million would remain in the Canadian Estate, $24.4 million of it surplus over remaining claims reserves.