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. This page will be updated further after the Sanction Hearings so do check back here for more information then.
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Why is the transfer being proposed?
In response to the UK’s decision to leave the European Union, commonly known as ‘Brexit’, we are proposing to make 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 are using a legal insurance business transfer process known as a Part VII transfer.
The legal process
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).
If you have any concerns regarding the Proposed Transfer and how it may affect you, you have the right to make a written representation to the High Court or to be heard at the High Court hearing (in person or through legal representation).
You may also raise these concerns with us in writing or over the telephone and we will make a record of your concerns and communicate these to our regulators (the Prudential Regulation Authority, the Financial Conduct Authority), the Independent Expert and the High Court. You can find our contact details below.
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|
It may be necessary to amend the timetable above, so we would encourage you to check back at regular intervals.
Below you will find links to key documents that provide important information about the Proposed Transfer. We would encourage you to read these documents to consider how the transfer may affect you.
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 SA
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.
Do I need to take any action?
If you do not have any concerns about the Proposed Transfer, or do not wish to raise an objection, then no further action is required by you.
If you do have additional questions or concerns, or wish to raise an objection to the Proposed Transfer, you can contact us in the following ways:
|Part VII communications team||Telephone number||Mailing address||Email address|
|United Kingdom and Ireland||0800 781 3049 / +44 (0)1904 293 793||
Part VII transfer team
|BMI Norway||+47 64 86 46 00||-||-|
|Nordeuropa Norway||+47 67 11 8800||-||-|
|Nordeuropa Sweden||+46 (0) 8664 51 00||-||-|
|Norwegian Broker Norway||+47 23 89 73 89||-||-|
|BMI||+47 64 86 46 00||-||-|
12 quai des Queyries
Arnulfstraße 31, D - 80636 München
Arent Janszoon Ernststraat 595B
1082 LD Amsterdam
Praça Duque de Saldanha no1
Piso 5, 1050-094 Lisboa
Paseo de la Castellana 60, 7ª planta
You can call us from 9.00am to 5.00pm Monday to Friday (excluding bank holidays and public holidays). 9:00am to 6:00pm for Portugal and Spain.
Please note that our teams are legally prohibited from providing financial advice, but will answer general questions on the effects of the Proposed Transfer.
Important information about the Hiscox Insurance Company Part VII transfer.