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Final dividend announced for USI

The process for agreeing all claims for the United Standard Insurance Company Ltd (USI)'s scheme of arrangement has been completed, according to scheme administrators PricewaterhouseCoopers (PwC).

A final dividend of 64.94 percent has been agreed after all material reinsurance assets were collected.

Founded at the turn of the last century, USI came unstuck over its exposure to US asbestos claims, leading to insolvency proceedings beginning in 1996.

Nigel Rackman, partner at PwC, said the monies would begin flowing to creditors within days.

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