Newline Group established a German branch of its UK insurance company, Newline Insurance Company Limited, in Cologne in December 2016. To ensure continuous service to our clients in Continental Europe in a post-Brexit environment, Newline Europe Versicherung AG, was formed in early 2019 and is based in Cologne, Germany. Newline Europe Versicherung AG is licensed to write insurance throughout the European Community.
As part of its contingency planning, NICL initiated a Part VII transfer of its EEA business and appointed an Independent Expert who was approved by the PRA and the FCA. This Part VII remains live but on hold. NICL ceased underwriting new and renewal EEA business from 1st February 2020. NICL is seeking the understanding, and permission where required, of each of the 30 EEA regulators to allow it to continue to pay claims and service contracts written on or before 31/01/2020. If it is decided that NICL may continue to service these run-off EEA contracts and that a Part VII transfer is not required, then NICL will cease the Part VII process and inform the PRA and FCA accordingly. If NICL is unable to receive the necessary comfort and satisfaction that it can service the run-off EEA portfolio to the extent that is required then NICL will reinstate all or part of the Part VII process.
In all circumstances it is of the utmost importance to us that NICL continues to provide the services that our policyholders expect, to pay valid claims and to look after our clients professionally. Our contingency plans have been created specifically with this in mind.
If you have any questions, including questions relating to particular classes of business, please email Brexit@newlinegroup.com.