I can see the confusion clearly. What Canopius would have picked up was simply the stock of the UK subsidiaries, giving them control of the assets and making them responsible for the liabilities. As far I know the reserves for syndicate 839 were transferred out of the US, and would have been independent of the subsidiaries assets, although those subs were assigned to managing them during the runoff. I know this is clear as mud to the casual observer.
I am thinking that if it becomes any clearer, they would have no problem taking the funds, and recieve no complaints, because nobody will know where the funds came from or who they are owed to. Nobody has paid interest on them for so long, they must belong to the new underwriters, right?
