The English and American Underwriting Agency (EAUA) pools are expected to close their schemes during 2012, insuranceNEWS.com.au has been told.

UK company PRO Insurance Solutions is handling the winding-up of the business, which included the Marine Pool, Aviation Pool and Non-Marine Pool.

Some of the UK and US insurance companies involved in the pool no longer exist and the parties ceased accepting new business in 1992.

The pool was formed in the UK in 1929 and included such member companies as Tower Insurance, Nippon Insurance Company of Europe, Swiss Re UK and Fuji International.

In 1993 the English & American Insurance Company (EAIC), which held a 70% stake in the pool, became insolvent due to a blowout in uninsured marine claims. The pool was then placed in run-off.

PRO spokesman Toby Wooldridge says the total amount of claims submitted is confidential at this stage. The cut-off date for claims was April 11 and Mr Wooldridge says claims will be settled after they have been agreed with the scheme creditor.

“The scheme allows for 180 days after cut-off date for either agreement to have been reached or an extension granted by the scheme manager,” he told insuranceNEWS.com.au. “A valuation statement is issued to the scheme creditor and the timeline is to settle the solvent element of the scheme claims within 42 days of the statement being agreed.”

“It is likely that the solvent scheme companies will be in a position to close their schemes some time in 2012,” Mr Wooldridge said.

“EAIC, being insolvent, will have additional issues to deal with before the company can effectively be wound up.”