Welcome to the Hiscox Insurance Company Part VII transfer information site. Here you will find a brief overview of the legal process, a timetable of events and links to all of the relevant documents.
On 14 December 2018 the High Court of England and Wales and on 17 December 2018 the Royal Court of Jersey approved the Hiscox Insurance Company Limited Proposed Transfer, which took effect on 1 January 2019.
The Proposed Transfer has therefore taken place and Hiscox S.A. is now operational.
Further information is available on this page, or alternatively speak to your usual Hiscox contact. The Part VII communications team telephone numbers and email inboxes will no longer be monitored from 31 December 2018.
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Why is the transfer necessary?
In response to the UK’s decision to leave the European Union, commonly known as ‘Brexit’, we made some necessary changes to our business. These will ensure continuity of cover to all our customers with European risks, so that we can continue to service our policyholders and claimants in the UK and across Europe post-Brexit. To make these changes we used a legal insurance business transfer process known as a Part VII transfer.
The Part VII process is governed by the Part VII of the Financial Services and Markets Act 2000 and is subject to the approval of the High Court of England and Wales (the High Court). This approval has now been received and became effective on 1 January 2019, which means our Luxembourg carrier Hiscox S.A. is now operational.
IThe legal process that we have followed is explained further in the Letters below, the Scheme Booklet and the Frequently Asked Questions.
Timetable of events
|2 August 2018||Directions Hearing at the High Court to seek approval for Hiscox Insurance Company to begin notifying policyholders of the Proposed Transfer|
|6 August 2018||Directions Hearing at the Royal Court of Jersey, to seek approval for Hiscox Insurance Company to begin notifying policyholders of the Proposed Transfer|
|14 December 2018||Sanction Hearing at the High Court Rolls Building, Royal Court of Justice, 7 Rolls Building, Fetter Lane, London EC4A 1NL|
|17 December 2018||Sanction Hearing at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey, JE1 1JG|
|1 January 2019||Effective date of the Proposed Transfer|
Below you will find links to the key documents that were used to provide important information about the Proposed Transfer.
Policyholder Letter UK – for policies purchased through a UK Branch of HIC
Policyholder Letter Europe – for policies purchased through an EU Branch of HIC
Policyholder Letter Spain – for policies purchased from the Spanish Branch of HIC
Scheme Booklet – this booklet contains a summary of the scheme, a summary of the Independent Expert’s report on the impact of the restructure on policyholders, a Q&A section and the Legal Notice explaining when the Court will hear the final application for the Proposed Transfer.
Frequently Asked Questions – here you can find a broad range of questions and answers around the Proposed Transfer.
Scheme Document – this document is the full Scheme of Transfer and sets out the terms and conditions on which basis some of Hiscox Insurance Company’s insurance business will transfer to the newly authorised Hiscox SA. A summary of this document can also be found in the Scheme Booklet.
Jersey Scheme Document - this document is the full Jersey Scheme of Transfer and sets out the terms and conditions on which basis some of Hiscox Insurance Company’s insurance business will transfer to the newly authorised Hiscox S.A.
Independent Expert’s Report – this is the full report of the Independent Expert and addresses the impact of the Proposed Transfer on policyholders. A summary of this report can also be found in the Scheme Booklet.
Important information about the Hiscox Insurance Company Part VII transfer.