Subject to approval by the High Court of England and Wales (the “Court”) at a hearing scheduled for Monday 16 March 2020, it is proposed that certain commercial general insurance business currently carried on by Ageas Insurance Limited (“Ageas”) will transfer to RiverStone Insurance (UK) Limited (“RiverStone”) by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act (2000) (“FSMA”) (the “Scheme”). If approved by the Court the transfer is expected to take effect on Wednesday 1 April 2020 (the “Effective Date”).
The general commercial insurance policies subject to the Scheme comprise a mix of direct and assumed reinsurance policies for marine, non-marine, aviation, property and liability risks. The transferring policies include:
a. business written by or on behalf of Ageas or its predecessors, or transferred to or assumed by Ageas or its predecessors prior to Thursday 20 December 2018, in each case having an inception date prior to Thursday 31 December 1992; and
b. business written by Northern Star Insurance Company Limited or its predecessor entities which was transferred to Ageas in 2000,
and which, in each case, remain in force at the Effective Date (including any policies under which a valid claim may be made at or after the Effective Date).
If you think you may be affected by the transfer and would like further information, please visit our dedicated website.