Four senior managers from KWELM, one of the largest-ever insurance run-offs, have launched a new company to provide services to the fast-growing run-off market.

The new company - trading under the KMS name - will conduct solvent and insolvent run-offs. It will also participate in and manage exit strategies and provide consultancy services to insurance companies especially those seeking significant reductions in their liabilities.

The KMS group management team comprises Mark Langridge, George Clarke, Paul Corver and Richard Finney – all of whom were actively involved in the administration of the $3 billion run-off from five insolvent insurers known as KWELM.

The new group will handle the residual run-off of the KWELM companies and other insurance run-offs previously conducted by KWELM Management Services. It is also handling the residual run-off for the Bermuda Fire and Marine (BFMIC) estate where the liquidators have recently announced and paid a distribution of 82 percent to creditors.

KMS has additionally acquired from KWELM, KMS Insurance Services, which conducted solvent run-off and consultancy work for a number of London Market and overseas businesses.