The South of England Protection and Indemnity Association has lost its fight for survival with a Bermuda court ordering that the club be wound up.
The collapse of the club is the first since Ocean Marine Mutual went into meltdown 12 years ago and will leave some shipowners and victims of shipping casualties out of pocket.
The Bermuda Monetary Authority (BMA) took the view that the South of England Club was insolvent as market realities meant a $31m cash call was uncollectable.
