Norad Re

Norad Reinsurance liquidators have announced a second dividend of six cents in the dollar.David Brown, one of two joint liquidators, says he aims to begin paying the $2.5 million cash distribution next week to Norad's 125 creditors.

Norad Reinsurance Company is insolvent by almost $34.6 million according to liquidators' latest statistics released to approximately 100 creditors last week.The figure represents the estimated size of the net deficiency of assets to meet total liabilities of just under $37.6 million. But liquidator David Brown says efforts to collect outstanding amounts from Norad's reinsurers are by no means over and could yet help swell the Norad estate by the best part of a million dollars.