Proposed Part VII Transfer from MIICL to MISE
As part of our plans to look after our clients and brokers with EEA risks after Brexit, we have established a new insurance company in Germany, Markel Insurance SE, to write the sort of European risks previously carried by our London insurance company, Markel International Insurance Company and our Lloyd’s Syndicate 3000. You can see more details here
MISE is now capitalised, licensed, has A ratings from S&P and A.M. Best – the same as MIICL- and has written its first risks. For reasons of cost and simplicity it will be our preferred vehicle for carrying EEA risks.
As part of Markel International’s Brexit restructuring plans, we are now in the process of arranging a transfer of MIICL’s European business to MISE, so that the Markel International group can continue to service this business post-Brexit. The transfer shall be carried out by means of an insurance business transfer under Part VII of the UK Financial Services and Markets Act 2000. The statutory process is designed to safeguard the interests of policyholders and the transfer will require the approval of the High Court of England and Wales (the Court). The legal process is explained further in the documentation listed below.
The proposed transfer is expected to take effect at 00:01 GMT on 29 March 2018 if approved by the Court. The Court hearing is scheduled to take place on 28 March 2019 at the High Court of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL, UK.
An Independent Expert, Niranjan Nathan of Ernst & Young LLP, has been appointed to write a report for the Court. He has assessed the impact of the proposed transfer and has concluded that it will not adversely affect to a material extent any group of policyholders. A summary of the Independent Expert’s report and a full copy of the report are available to download below.
Should you need any further information or if you have any questions or concerns about the transfer or consider that you may be adversely affected then please contact us as soon as possible and preferably no later than 21 March 2019. We will make a record of your concerns and communicate these to the Prudential Regulation Authority, the Financial Conduct Authority, the Independent Expert and the Court. Information on how you can contact us is provided below.
You also have the right to attend the Court hearing that will consider the transfer and to present any objections or concerns that you may have directly, or appoint legal counsel to attend on your behalf. If you want to telephone or write to us rather than appear in person, we will present in writing any objections received from you to the Court on 28 March 2019.
Call the relevant dedicated helplines, free of charge, on:
1) Germany – +49 89 89 08 316 – 50 (open 09:00-17:00 on weekdays);
2) the Netherlands – +31 10 798 1000 (open 08:30-17:00 on weekdays);
3) Spain – +34 91 788 6150 (open 09:00-18:00 Monday-Thursday and 09:00-15:00 on Friday); and
4) the UK and Ireland – +44 345 351 2600 (open 08:00-18:00 on weekdays),
(each of the above opening hours excludes bank holidays and public holidays. Callers outside of these hours will be able to leave a message and request that their call is returned); or
Write to us at:
1) Germany – Markel Insurance, Sophienstrasse 26, 80333 Munich;
2) the Netherlands – Markel, Westerlaan 18, 3016 CK Rotterdam;
3) Spain – Markel Insurance, Plaza Pablo Ruiz Picasso, No 1 Planta 35, Edificio Torre Picasso, 28020 Madrid; and
4) the United Kingdom and Ireland – Markel, 20 Fenchurch Street, London, EC3M 3AZ; or
E-mail us at:
1) Germany – firstname.lastname@example.org;
2) the Netherlands – email@example.com;
3) Spain – Markel.Espana@markelintl.es; and
4) the UK and Ireland – firstname.lastname@example.org
Click the links below to see this page and the relevant documents in the different languages: