Regulatory Filings and Statutory Matters

Regulatory filings for ILSIM controlled entities

  • East West Insurance Company Limited

    East West Insurance Company Limited is registered in England & Wales, registration Number 00811120 and has its registered office at 20 Old Broad Street, London, EC2N 1DP. It is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority – firm reference number 202806.

  • Reliance National Insurance Company (Europe) Limited

    Reliance National Insurance Company (Europe) Limited is registered in England & Wales, registration Number 01445992 and has its registered office at 20 Old Broad Street, London, EC2N 1DP. It is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority – firm reference number 202329.

Statutory matters for ILSIM controlled entities

EAST WEST INSURANCE COMPANY LIMITED
UK AND ROI LEGACY BUSINESS TRANSFER

The Court hearing to consider the application for the order sanctioning the Transfer, which was scheduled on 29 November 2019, has been adjourned until a later date (to be fixed). We will include information about the new date to be fixed for the hearing on this webpage, as soon as it is available, so please check back here, regularly.

 

  • East West Insurance Company Limited

    UK AND ROI LEGACY BUSINESS TRANSFER

    This webpage provides information about the proposed transfer of insurance business from QBE UK Limited (QBEUK) to East West Insurance Company Limited (EWICL) under Part VII of the Financial Services and Markets Act 2000 (the Transfer).

    BUSINESS TO BE TRANSFERRED

    The business proposed to be transferred consists of the following portfolios of commercial general insurance policies, subject to certain excluded liabilities and policies described below:

    • UK and Republic of Ireland (RoI) employers’ liability and public liability policies issued by QBEUK, or another insurer and subsequently transferred to QBEUK (whether by way of novation, portfolio transfer or otherwise), that incepted on or prior to 31 December 2007 (the Autumn Portfolio); and
    • UK employers’ liability, motor and personal accident policies and global public and products liability policies issued by QBEUK, or another insurer and subsequently transferred to QBEUK (whether by way of novation, portfolio transfer or otherwise) for Tata Steel Europe Limited (TSEL), that incepted on or after 1 January 1990 and expired on or prior to 31 March 2016 (the Chestnut Portfolio).

    The business proposed to be transferred includes outwards reinsurance contracts relating to the Autumn Portfolio.

    Certain policies and liabilities are excluded from the Transfer. In respect of the Autumn Portfolio, the legal document setting out the terms of the proposed transfer (the Scheme Document) includes, at Schedule 1 (part B and part C), a list of policies excluded from the Transfer. These policies will be retained by QBEUK. In respect of the Chestnut Portfolio, liabilities relating to the following are excluded from the Transfer and will be retained by QBEUK:

    • any claim under the Chestnut Portfolio relating to liabilities assumed by British Steel Limited, or any predecessor entity or business of British Steel Limited, pursuant to certain agreements affecting the transfer of the relevant undertaking (known as “Long Products”) from TSEL to British Steel Limited;
    • any claim under the Chestnut Portfolio relating to liabilities of Specialty Steel UK Limited, or any predecessor entity or business of Specialty Steel UK Limited; and
    • noise induced hearing loss/ deafness liabilities whereby the deafness is caused or alleged to be caused over a period of time longer than one day. This means that the Chestnut Portfolio includes any claim for deafness or any similar hearing impairment that is caused or alleged to be caused by a single exposure to sound pressure or other acute acoustic trauma occurring over a period of time of one day or less.

    THE PART VII TRANSFER PROCESS

    Before the Transfer can proceed under Part VII of the Financial Services and Markets Act 2000 (FSMA), it will require the approval of the High Court of England and Wales (the Court). If the Court approves the Transfer, those insurance policies and related outwards reinsurance contracts affected by the Transfer will automatically transfer to EWICL as from the date on which the Transfer takes legal effect.

    Under Part VII of FSMA, an Independent Expert must report on the effects of the Transfer on the policyholders and other interested parties. Simon Sheaf of Grant Thornton LLP is a Fellow of the Institute and Faculty of Actuaries (IFoA) and a Fellow of the Society of Actuaries in Ireland. He has been appointed as Independent Expert to provide a report on the Transfer (the Report) and his appointment has been approved by the Prudential Regulation Authority following consultation with the Financial Conduct Authority. Simon Sheaf has prepared the Report and has found that policyholders and other interested parties will not be materially adversely affected by the Transfer.

    KEY DATES

    The Court will hear the application for the order sanctioning (i.e. approving) the Transfer on 29 November 2019.

    The Court hearing will take place at The Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom.

    If the Court grants an order sanctioning the Scheme, it is currently expected that the Transfer will take effect at 00:01 (GMT) on 4 December 2019.

    We will announce the outcome of the Court hearing on this webpage.

    Supplementary Report of the Independent Expert – the Independent Expert will also prepare a supplement to his report prior to the Court hearing in relation to any matters which may have changed or have been updated since his first report. The supplementary report will be posted onto this webpage when it is available, so you may wish to check for updates.

    UPDATES

    Future updates relating to the Transfer, including any changes to the Court hearing date and a copy of the supplementary report to be prepared by the Independent Expert, will be posted onto this webpage, so you may wish to check for updates. If the Transfer is approved, we will announce it on this webpage.

    CONTACT DETAILS

    If you are an EWICL policyholder and have any further questions, you may contact EWICL by:

    • Calling the EWICL contact centre on 0800 470 0437 from Monday to Friday during usual business hours (09:00-17:00 (UK));
    • Emailing ewicl-transfer@armourrisk.com referencing ‘Project Fall Part VII Transfer’; or
    • Writing to EWICL at East West Insurance Company Limited, 20 Old Broad Street, London, EC2N 1DP, clearly marking on the front the reference ‘Project Fall Part VII Transfer’.

    In order to help direct your query, please clearly state or mark your query with the reference, ‘Project Fall Part VII Transfer’

    If you are a QBEUK policyholder and have any further questions, you may contact QBEUK by:

    • Calling the QBE contact centre on 0800 022 4027 (if calling from the UK), 1800800817 (if calling from the Republic of Ireland) or +44 203 465 3337 (if calling from elsewhere) from Monday to Friday during usual business hours (09:00-17:00 (UK));
    • Emailing qbeuk-ewicl-pvii@uk.qbe.com referencing ‘Project Fall Part VII Transfer’; or
    • Writing to QBE at QBE, 30 Fenchurch Street, London, EC3M 3BD, clearly marking on the front the reference ‘Project Fall Part VII Transfer’.

    Any other general queries relating to your policy or claims should continue to be made using the contact details set out in your policy documents.

    DOCUMENTS RELATING TO THE TRANSFER

    You are able to download copies of documents relating to the Transfer by selecting the documents below:

     

    Key Documents

    Additional Key Documents

    Letters