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BRITANNIA STEAM SHIP NOTICE

BRITANNIA STEAM SHIP NOTICE

Published: 4 February 2021

CLAIM NO. CR-2020-003059

IN THE HIGH COURT OF JUSTICE

BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

COMPANIES LIST (ChD)

IN THE MATTER OF THE BRITANNIA STEAM SHIP INSURANCE ASSOCIATION LIMITED

AND THE BRITANNIA STEAM SHIP INSURANCE ASSOCIATION EUROPE

AND IN THE MATTER OF THE FINANCIAL SERVICES AND MARKETS ACT 2000

 

 

NOTICE

 

 

NOTICE IS HEREBY GIVEN that on 29 January 2021 Mr Justice Michael Green made an order (the “Order”) under Part VII of the Financial Services and Markets Act 2000 ("FSMA 2000"):

  1. sanctioning an insurance business transfer scheme providing for the transfer to The Britannia Steam Ship Insurance Association Europe ("Britannia Europe") of the whole of the insurance and reinsurance business of The Britannia Steam Ship Insurance Association Limited ("Britannia") (the "Scheme"); and
  2. making ancillary provisions in connection with the implementation of the Scheme pursuant to section 112 of FSMA 2000.

The business to be transferred by way of the Scheme comprises:

  1. all insurance and reinsurance contracts in respect of which Britannia is the insurer or reinsurer;
  2. Britannia's outwards reinsurance contracts; and
  3. all other contracts, assets and liabilities of Britannia whatsoever,

(the "Transferring Business").

The Transferring Business, save for that which is administered in Japan by or on behalf of Britannia acting through its branch in that jurisdiction (the "Japan Business"), will transfer from Britannia to Britannia Europe on 20 February 2021. 

Policyholders may have a right under the law of the relevant EEA state to cancel their policy as a result of the Scheme within 21 days from the date of this publication, or such other period (if any) as the law of the relevant EEA state provides. If you are a policyholder and have any questions about your policy or the transfer, or wish to exercise any right you may have to cancel your policy with Britannia, please contact Phillippa Smith at Tindall Riley (Britannia) Limited on +44 (0)20 7407 3588 during normal office hours.

The transfer of the Japan Business from Britannia to Britannia Europe will take place on 20 February 2022, subject to the authorisation and approval of a corresponding branch established by Britannia Europe, which is expected to occur by late 2021, and a further order of the High Court of Justice of England and Wales confirming the transfer.

A copy of the Order can be obtained free of charge by writing to Phillippa Smith at Tindall Riley (Britannia) Limited, Regis House, 45 King William Street, London EC4R 9AN or by e-mail to BritanniaPartVII@tindallriley.com

Alternatively, a copy of the Order and other documents in relation to the Scheme can be downloaded from Britannia's website at https://britanniapandi.com/part-vii-transfer.

Solicitors for The Britannia Steam Ship Insurance Association Limited and The Britannia Steam Ship Insurance Association Europe, Holman Fenwick Willan LLP, Friary Court, 65 Crutched Friars, London EC3N 2AE, United Kingdom, +44 (0)20 7264 8000, ref. RWH/WJR/667.46.

4th February 2021

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