Atlantic Mutual International Limited (AMIL) and the UK branch of Atlantic Mutual Insurance Company (AMIC-UK) each propose to transfer their entire portfolios of non-life insurance and reinsurance policies written directly or indirectly to Bothnia International Insurance Company Limited (Bothnia). The proposed transfer is effected by means of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (the Transfer) and is conditional upon an order of the High Court of Justice of England and Wales.
Atlantic Mutual Insurance Company (AMIC) is a mutual insurance company established in the State of New York. It is currently in liquidation and is being managed by the New York Liquidation Bureau on behalf of the liquidator, the Superintendent of Financial Services of the State of New York. AMIC-UK is the UK branch of AMIC. AMIL is a wholly-owned subsidiary (via an intermediate holding company) of AMIC. Both AMIC-UK and AMIL have been in run-off and closed to new business for approximately 14 years.
On 22 November 2017, the High Court granted an Order for Directions at the initial Court hearing. The final hearing to approve the Transfer is directed to be heard on 7 May 2018, or as soon as possible thereafter, and will be heard at 7 Rolls Building, Fetter Lane, London, EC4A 1NL. Any person who believes that he or she would be adversely affected by the Transfer is entitled to make written representations or to be heard (either in person or by a legal representative) at the final hearing. Confirmation of the date of the hearing will be posted on this webpage.
How to Obtain Further Information
You may request free copies of any of the documents on this webpage by writing to Compre Services (UK) Limited, 4th Floor, St Clare House, 30-33 Minories, London. EC3N 1DD, United Kingdom, for the attention of Caroline Hobbs, or by email to email@example.com. Alternatively, you can telephone on +44 (0)203 551 6524 from Monday to Friday during usual business hours. Accordingly, policyholders, reinsurers, brokers or other interested parties are politely requested to raise any comments or concerns as soon as possible and ideally by close of business on 5 February 2018. While we ask that you raise any concerns by 5 February 2018, this is not a requirement and you are entitled to make representations up to, and at, the final Court hearing in person or through legal representation. To the extent that there is any change to this timetable, an update will be posted on this webpage.