Insurance business transfer scheme permitted

An application under Part VII of FSMA 2000 was made for sanctioning an insurance business transfer scheme which involved the transfer of insurance policyholders from Assured Guaranty (Europe) PLC (in the UK) to Assured Guaranty (Europe) SA (in France).

The scheme was entered into because Assured Guaranty PLC was concerned that it would be unable to service its non-UK policyholders or pay out claims lawfully as a result of Brexit. Mr Justice Meade held that he would sanction the scheme on the basis that  the regulators did not object to the scheme and the Independent Expert concluded that the scheme had no material adverse effect on service standards, management and governance of any policyholder of the parties.

FIN. Team