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

 

The transfer

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.

 

 

Hogan Lovells International LLP (the solicitors acting for Palatine, SRSI and SRI)

Atlantic House

Holborn Viaduct

London, EC1A 2FG

tel: +44(0) 20 7296 2000

fax: +44(0) 20 7296 2001

e-mail: partvii_enquiries@swissre.com

quoting reference C4/HM/TJG