Welcome to the website for OIC Run-Off Limited and The London and Overseas Insurance Company Limited.


OIC Run-Off Limited (OIC) and The London and Overseas Insurance Company Limited (L&O) are insurance companies incorporated in England. They are referred to as the ‘Companies’. Both Companies ceased writing new business in 1992 and have since been managing claims under UK Court approved Schemes of Arrangement.

EARLY FINAL DIVIDEND OFFER


The Early Final Dividend Offer is a proposal being made to all Eligible Scheme Creditors to receive a dividend in late 2025 or early 2026 in full and final settlement of their claims against the Companies, rather than waiting until the Scheme terminates around 2038. The Early Final Dividend Offer of 4.00% will increase the cumulative dividend to 80.00% providing certainty on the level of dividend paid as well as distribution significantly earlier than anticipated. If you do not accept the offer, the final dividend in 13 years' time will range from 0.00% to 5.74% (depending on tax payable), with the maximum only achieved if no tax is payable by the Companies at all.

Flow diagram of the early dividend offer.

HOW TO ACCEPT THE OFFER?


You must take action if you wish to accept the offer.

Please follow the below steps to review your specific Early Final Dividend Offer Schedule and Agreement:

  1. Access the creditors’ Early Final Dividend portal here
  2. Create an account using the email address we have contacted you with
  3. Review your specific Early Final Dividend Offer Schedule and Agreement and execute it before the deadline of 14 November 2025.

Creditors are strongly encouraged to complete the registration and acceptance process as early as possible.

The final deadline for Scheme Creditors to accept the Early Final Dividend Offer is no later than 5pm GMT on 14 November 2025

Early payment in late 2025 if responses are received by September 2025: As outlined in the diagram above, the Scheme Administrators may be able to issue a Notice of Effect and expedite payment in late 2025 if responses are received by September 2025. Early participation not only increases the likelihood of receiving payment sooner but also supports the timely processing of payments to all eligible creditors. If responses are not received until the deadline on 14 November 2025, then payments would be made in early 2026.

FURTHER DETAILS OF THE FINAL DIVIDEND OFFER


  • All Scheme Creditors with Net Liabilities under the Amending Scheme are entitled to participate in the Early Final Dividend Offer.
  • The final dividend of 4.00% will increase the cumulative dividend from 76.00% to 80.00%
  • If you accept the offer, payment is expected late this year/ early 2026, subject to the Scheme Administrators being satisfied with the overall response from creditors and issuing a ‘Notice of Effect’.
  • If you do not accept the offer, you will receive your final dividend in 2038, which will be equivalent to what you would have received had the Early Final Dividend Offer not been made. In this scenario, the final dividend will range from 0.00% to 5.74% (depending on tax payable), resulting in a cumulative dividend between 76.00% and 81.74%. The maximum final dividend of 5.74% will only be achieved if no tax is payable by the Companies.
  • The Early Final Dividend Offer does not apply to liabilities under Qualifying ILU Policies.

WHY DOES THIS BENEFIT CREDITORS?


The Early Final Dividend Offer is a crucial part of a broader strategy by the Scheme Administrators to accelerate the overall wind down of the Companies and distribution of financial returns to Scheme Creditors.

If accepted, it will enable Scheme Creditors to receive their final dividend in 2025 or early 2026, which is significantly earlier and provides certainty of the level of dividend paid.

If the payment is made in 2038, the final amount paid will be uncertain as it is dependent on the tax situation at the time.

SUPPORT FOR THE EARLY DIVIDEND OFFER


The Scheme Administrators have consulted key stakeholders in relation to the Early Final Dividend Offer, including the Creditors’ Committee, which has a duty to act in the interests of all Scheme Creditors. The Creditors’ Committee has undertaken an independent evaluation of the Offer and is unanimously supportive.