On 25th November 2020 the English High Court sanctioned a Part VII transfer of all policies (or parts of policies) insuring EEA risks from Lloyd’s syndicates to Lloyd’s Insurance Company, S.A. (‘LIC’). The transfer did not change terms and conditions of any policy, except that LIC became the insurer and Data Controller in respect of the transferred policies. Syndicate 1218 is the reinsurer of the transferred policies and will continue to administer all matters pertaining to these policies. Further information can be obtained via our contact form or through your usual point of contact at Syndicate 1218.
To ensure continuous service to our clients in the EEA post-Brexit, Newline Europe Versicherung AG was formed in Germany in early 2019 and is able to write insurance throughout the EEA.
UK-based Newline Insurance Company Limited (‘NICL’) ceased underwriting new and renewal EEA business from 1st February 2020, and has engaged with each of the 30 EEA regulators during 2020 to confirm its intention to run-off EEA risks and allow it to continue to pay claims and service contracts written on or before 31st January 2020. NICL has sought permission where required to join temporary permission regimes and has formally withdrawn its Part VII request to the PRA.
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.
If you have any questions, including questions relating to particular classes of business, please email Brexit@newlinegroup.com.
UPDATED 06/01/2021