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Dáil Éireann debate -
Wednesday, 25 Mar 1992

Vol. 417 No. 6

Written Answers. - Sale of ICI.

Bernard J. Durkan

Question:

94 Mr. Durkan asked the Minister for Industry and Commerce whether all of the business of ICI was sold to Assurance Generales de France; if all, or any, liabilities were transferred to the purchaser; and if he will make a statement on the matter.

Only the Irish business of Insurance Corporation of Ireland, including business written in Northern Ireland, was sold by the administrator, Mr. William McCann, to Assurance Generales de France (AGF). At the date the sale became effective, 31 July 1990, net liabilities of £116 million attributable to the Irish business were transferred to the purchaser.

The discontinued operations, principally the run off of claims arising on all business underwritten outside Ireland, remain under administration under the name Icarom plc. On the date the sale became effective Icarom had insurance funds and liabilities of £164 million.

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