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Update on 20 October 2020: At Court hearings before Mr Justice Zacroli on 20 October 2020 the UK High Court approved each of the Proposed Transfers (as defined below). Each of the Proposed Transfers will take effect on 2 November 2020.
As part of Assurant’s Brexit plans, we are proposing to transfer certain parts of our insurance business (“the Transferring Business”) where the risk is situated in a European Economic Area "EEA" state, other than the UK or Switzerland, to new subsidiaries based in the Netherlands. This will take place under Part VII of the Financial Services and Markets Act 2000. We call these transfers the "Proposed Transfers”.
This transfer is to ensure that we can continue to service and administer all existing policies which were originally sold by Assurant UK in the EEA, following the UK's withdrawal from the European Union on 31st January 2020 "Brexit", and the expiry of the Brexit transition period on 31st December 2020.
The relevant policies of Assurant General Insurance Limited "AGIL" and London General Insurance Company Limited "LGI" will be transferred to Assurant Europe Insurance N.V. “AEI”.
The relevant policies of Assurant Life Limited "ALL" and London General Life Company Limited "LGL" will be transferred to Assurant Europe Life Insurance N.V. “AEL”.
Assurant has applied to the UK High Court for approval of the Proposed Transfers. In order for the Proposed Transfers to take place the UK High Court must be satisfied that they are appropriate, in all the circumstances of the case, to approve each Proposed Transfer. The Hearing Date is scheduled for 20th October 2020. If the UK High Court approves the Proposed Transfers, then the Proposed Transfers will happen on the Effective Date, which we expect to be 2nd November 2020.
We are contacting customers and intermediaries who may be impacted by the Proposed Transfers. In relation to policies transferring under the Proposed Transfers, all policyholders will continue to have the same rights, benefits, and obligations, and be subject to the same terms and conditions.
Please click the links below for further information and all key documents relating to the Proposed Transfers.