The proposed transfer by Markel International Insurance Company Limited of its 1992 and prior business to RiverStone Insurance (UK) Limited.
Update 23 March 2017
Please note that the Transfer has now been sanctioned and took effect at 23.59 on 31 March 2017.
If you have any questions about the Transfer or your ongoing relationship with either RIUK then you can contact us using the details contained in the “Your rights” section, alternatively you can use the contact details available on the RIUK website:
In March 2015 Markel International Insurance Company Limited (MIICL) entered into agreements with RiverStone Insurance (UK) Limited (RIUK) under which:
- RIUK agreed to reinsure (with the exception of certain quota share reinsurance agreements entered into between MIICL and Highlands Insurance Company Limited) all of the policies written by MIICL (under its prior name Terra Nova Insurance Company Limited) in 1992 and prior years (the Terra Nova Business); and
- the parties agreed to work together to ultimately transfer the Terra Nova Business to RIUK under Part VII of the Financial Services and Markets Act 2000 (FSMA)
With effect from 1 April 2015, RIUK assumed responsibility for the management of claims, litigation and some reinsurance relating to the Terra Nova Business.
The Transfer requires the approval of the High Court of England and Wales (the Court). The Court will consider whether the Transfer will adversely affect policyholders and whether it is appropriate to allow this Transfer. You have a right to attend the Court hearing that will consider the Transfer and to present any objections you may have. The Court hearing is scheduled to take place on Thursday 23 March 2017 – the address of the Court is 7 Rolls Building, Fetter Lane, London, EC4A 1NL. More details of the various ways you can raise any concerns or objections to the Transfer are included in the “Your rights” section below.
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will be involved at all stages of the Transfer process.
In accordance with the requirements of FSMA, Gary Wells of Milliman has been appointed as the independent expert to produce a report for the Court on the impact of the Transfer on the policyholders of both MIICL and RIUK. A summary of the findings of his report can be found below in the Information Booklet.
You can find more detailed information on the Transfer process, the Court hearing and the scheme in the Information Booklet, a copy of which is available under the “Transfer Documents” section below.
During the Transfer process, updates on the progress of the Transfer and copies of all of the relevant documents will be posted and made available under the “Transfer Documents” section below.
Markel International Insurance Company Limited
MIICL is an English insurance company that is authorised by the PRA and regulated by the FCA and the PRA. MIICL is a subsidiary of Markel International Limited and its ultimate parent is Markel Corporation, an insurance and investment company quoted on the New York Stock Exchange and currently capitalised at around $10bn.
MIICL’s principal activity is the transaction of general insurance business from its office in London and its branch operations in Spain, Sweden, the Netherlands, Zurich, Germany and Ireland.
RiverStone Insurance (UK) Limited
RIUK is an English insurance company that is authorised by the PRA and FCA. RIUK is part of the RiverStone Europe group, which manages approximately $1.1 billion in gross liabilities through its offices in Brighton, London and Darlington and has assets of $1.8 billion and a surplus of over $700 million (amounts as at March 2016). The group manages a variety of Lloyd’s, London market and European portfolios and is experienced in the management of both reinsurance and direct business, including significant long-tail exposures.
The RiverStone Europe group is the European operation of the RiverStone Group, a US-based group of insurance, reinsurance and service companies specialising in the management of legacy and run-off insurance businesses and portfolios and an industry leader in claim resolution, reinsurance recovery and dispute resolution. Globally, the RiverStone Group is responsible for $4.4 billion in gross liabilities (as at March 2016).
Effect of the Transfer
If the Transfer is approved then RIUK will replace MIICL as the counterparty to any agreement or policy currently between you and MIICL, which falls within the scope of the Transfer. This means that all of the obligations and liabilities of MIICL under that agreement or policy will transfer to and be performed by RIUK. This includes any action or legal action, arbitration, mediation, complaint or claim or any other proceedings for the resolution of a dispute or claim. Other than a change in counterparty, there will be no change to any of the terms and conditions of your agreement or policy with MIICL, any premium you pay, the benefits payable from your policy or the procedure for making a claim as a result of the Transfer and unless you wish to object to the Transfer or think you are adversely affected by the Transfer (please see more information in the “Your rights” section below) then you do not have to do anything.
Non-transferring MIICL policyholders and other third parties
The Transfer will not have any impact on any agreement or policy with MIICL which is excluded from the Transfer and there will be no change to the terms and conditions of any such agreement or policy, any premium you pay, the benefits payable from your policy or the procedure for making a claim. Unless you wish to object to the Transfer or think you are adversely affected by the Transfer (please see more information in the “Your rights” section below) then you do not have to do anything.
RIUK policyholders and other third parties
The Transfer will not have any impact on any agreement or policy with RIUK and there will be no change to the terms and conditions of any such agreement or policy, any premium you pay, the benefits payable from your policy or the procedure for making a claim. Unless you wish to object to the Transfer or think you are adversely affected by the Transfer (please see more information in the “Your rights” section below) then you do not have to do anything.
We hope this webpage and the “Transfer Documents” provide you with the information to allow you to understand what is proposed, and answer any questions that you may have. However, if you consider you may be adversely affected by the proposal or object to the proposal or if you need any further information or otherwise have any comments or queries then please let us know.
You can contact us using one of the methods below
RiverStone Insurance (UK) LimitedF.A.O Fraser Henry
161-163 Preston Road
By Phone: +44 (0)1273 792475
By Email: firstname.lastname@example.org
Please mark in the subject header: The Terra Nova Transfer
Whether or not you contact us first, you have the right to:
- make written representations; and/or
- to appear at the court hearing in person; and/or
- instruct a barrister or solicitor advocate to appear at the Court hearing and make representations on your behalf.
If you wish to do any of I, II or III above we ask that you please let us know by contacting us using the contact details set out above, preferably by no later than Thursday 16 March 2017. However, please note that you are free to do any of I, II or III without giving us advanced notice.
The Court hearing is scheduled to take place on Thursday 23 March 2017 at the High Court, 7 Rolls Building, Fetter Lane, London EC4A 1NL. For your information, a formal notice of the hearing is at Appendix 3 to the Information Booklet. This notice also includes details of the solicitors acting on behalf of MIICL and RIUK – Geraldine Quirk of Berwin Leighton Paisner – should you wish to contact the solicitors acting on the Transfer.
The Court hearing is open for members of the public to attend.
At the hearing the Judge will review whether all of the legal procedures for completing the Transfer have been followed correctly.
The Judge will also review the witness statements and evidence presented by the companies, and consider the reports of the Independent Expert, the FCA and PRA.
Time will be allocated to hear any representations put forward (whether in writing or in person) by affected policyholders or any other person who alleges that they would be adversely affected by the proposals.
For more information about the Court hearing and further information of your rights please refer to the Information Booklet, a copy of which is available below in the “Transfer Documents” section.
What happens now?
Updates about the progress of the Transfer and copies of all of the relevant documentation will be posted on this website as soon as they are available. Please check back for updates on the progress of the Transfer, hearing dates and all other relevant updates, and contact us using the details above if you have any questions.