Arch Insurance Receives Approval for Part VII Transfer
22.12.2020 10:00:00 EET | Business Wire | Press release
Arch Insurance (UK) Limited has today announced that it has received approval from the High Court of Justice of England and Wales to transfer to Arch Insurance (EU) dac the insurance business carried on by Arch Insurance (UK) Limited (excluding inwards reinsurance business) in any state within the European Economic Area, to ensure continuity of coverage for policyholders utilising Arch Insurance (EU) dac’s freedom of establishment and/or freedom of services.
Womble Bond Dickinson (UK) LLP were advisors on the Part VII transfer from Arch Insurance (UK) Limited to Arch Insurance (EU) dac in Ireland. This will take effect on 31 December 2020, following the receipt of sanction from the High Court on 18 December 2020. The transfer required the approvals of the Prudential Regulation Authority, the Financial Conduct Authority, the Central Bank of Ireland and each regulator in the EEA, and involved over 76,000 notifications to policyholders and affected parties.
The announcement follows the decision of the UK electorate to vote in favour of leaving the European Union (the EU). In response, Arch Capital Group Ltd. put in place a plan to restructure its UK and European operations in order to continue to service its European policyholders after the UK’s withdrawal from the EU and the expiration of the agreed transition period, which is due to take place on 31 December 2020.
TAGS/KEYWORDS
Arch Insurance (UK) Limited, Arch Insurance (EU) dac, Part VII Transfer
EDITOR’S NOTES
About Arch Insurance (UK) Limited
Arch Insurance (UK) Limited is part of Arch Insurance International and provides specialised commercial property and casualty insurance solutions. The company is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
About Arch Insurance (EU) dac
Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac), is based in Dublin with branch offices in the UK and other EU locations. The company is regulated by the Central Bank of Ireland and is authorised to write all classes of business (excluding Class 18).
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $15.2 billion in capital at September 30, 2020 provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as consummate acquisitions and integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
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Contact information
Media
Patrick Palmer
Head of Marketing and Communications, Arch Insurance International
M +44 7900 743664
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