Part VII transfer
Proposed Part VII Transfer of insurance business from The Palatine Insurance Company and Swiss Re Specialty Insurance to Swiss Re International SE, UK Branch
Subject to the approval of the High Court of England and Wales (the "Court"), it is proposed that The Palatine Insurance Company Limited ("Palatine") and Swiss Re Specialty Insurance (UK) Limited ("SRSI") will transfer their entire businesses to the UK Branch of Swiss Re International SE ("SRI") by way of an insurance business transfer scheme (the "Scheme") under Part VII of the Financial Services and Markets Act 2000 (the "Act").
On the Scheme coming into effect, SRI will replace Palatine and SRSI under each transferring insurance and reinsurance contract for which Palatine or SRSI is currently the (re)insurer. Apart from this, the terms of such contract will not change.
Any person who alleges that he or she may be adversely affected by the carrying out of the Scheme is entitled to be heard by the Court at the hearing of the application, as are the Prudential Regulation Authority and the Financial Conduct Authority.
The application is directed to be heard before a Companies Court Judge at 7 Rolls Buildings, Royal Courts of Justice, Fetter Lane, London, EC4A 1NL on 16 December 2020 and any person (including an employee of Palatine, SRSI or SRI) who alleges that they might be adversely affected by the carrying out of the Scheme is entitled to object (by sending written representations or making oral representations) or may appear at the time of that hearing in person or by Counsel. Any person who intends to object orally or in writing or so to appear is requested (but not obliged) to notify his or her objections and the reasons therefor as soon as possible, and preferably before 14 December 2020, to Palatine, SRSI or SRI using the Contact Details set out below.
If the Scheme is approved by the Court, then Palatine, SRSI and SRI expect that the proposed transfer will take place on 31 December 2020.
Update 9 December 2020
The final hearing on 16 December 2020 will take place remotely using an application such as Skype for Business or Microsoft Teams. Anyone wishing to attend will therefore need to provide an email address so that this can be included in the Court's electronic invitation to the remote hearing call.
Anyone wishing to do so should provide the relevant email address to: [email protected]
Update 21 October 2020
Due to the current COVID-19 situation, it is quite possible that the Court final hearing will be held remotely (via phone or videolink). Any policyholders (and their representatives) who wish to be heard at the final hearing should contact us as soon as possible using the Contact Details set out below to let us know and we will provide the administrative details for the final hearing once they are available including, if required, how to access the hearing remotely.
Please check this webpage for the final details of the Court hearing arrangements from 9 December 2020.
Update 16 December 2020
The High Court of Justice, Business and Property Courts of England and Wales, sanctioned the Scheme on 16 December 2020 and ordered that the Scheme shall take effect on 31 December 2020. A copy of the Order can be found in the Downloads section below.
Slovenian Post-Transfer Notice
Information for Slovenian policyholders can be found in the Downloads section below.
Hogan Lovells International LLP (the solicitors acting for Palatine, SRSI and SRI)
London, EC1A 2FG
tel: +44(0) 20 7296 2000
fax: +44(0) 20 7296 2001
e-mail: [email protected]
quoting reference C4/HM/TJG