The directors of Bothnia International Insurance Company Limited (“Bothnia”) and the directors of Basler Versicherung AG (“Baloise”) each propose to transfer the UK general insurance and reinsurance business that Baloise wrote through its UK branch and certain UK general insurance and reinsurance business underwritten by Baloise, from Baloise to Bothnia. The proposed transfer (the “Proposed Transfer”) will be ordered pursuant to Part VII of the Financial Services & Markets Act 2000 and ancillary and other orders. The transferring business will include the transferring policies, contracts, assets and liabilities of Baloise and is conditional upon an Order of the High Court of England and Wales.
Kindly note that the definition of “Transferring Policies” under the proposed Scheme has been amended to remove the following reinsurance policies:
(i) Aetna Reinsurance Company and/or Aetna Insurance Company and Baloise (as reinsurer) in respect of a Third Retrocessional Excess of Loss Reinsurance Agreement for 1981 and 1982 (USD 2 million excess USD 5.5 million; Baloise’s share: 1.5% inception date 1 March 1981; 2.5% inception date 1 March 1982);
(ii) H.S. Weavers Underwriting Agencies Ltd. on behalf of the Company and/or the Companies they underwrite and Baloise (as reinsurer) for losses occurring during 12 months from midnight on 31 December 1965 (USD 1 million excess USD 1 million; Baloise share 2.5%);
(iii) Indemnity Insurance Company of North America, Philadelphia and Baloise (as reinsurer) for losses occurring during 12 months following midnight on 30 June 1950 (Baloise share 0.5%); and
(iv) Baltica-Scandinavia Insurance Company (UK) Ltd. in respect of their London Marine Account underwritten by Lennox Underwriting Agencies Ltd. and Baloise (as reinsurer) (15% Quota Share of all insurance accepted by Baltica-Scandinavia in their Marine Account in 1985 and 1986).
For your information and assistance, please find attached a copy of the revised Scheme in the document suite.
On 20 August 2020, the High Court granted an Order for Directions at the initial Court hearing. The final hearing to approve the Proposed Transfer is directed to be heard on 25 June 2021, 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 Proposed 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.
In the light of the current government guidelines regarding Covid-19, please note that it is possible that the hearing may take place remotely via Skype or another teleconferencing service. It is requested that if you intend to attend the hearing (whether in person or via a representative), you inform Baloise and Bothnia in writing via the contact details provided below for the Proposed Transfer (further details are set out below) as soon as possible and preferably before 10 June 2021 and set out the nature of any objection you may have. This will enable us to provide notification of any changes to the hearing (including any details that are necessary to attend the hearing remotely) and, where possible, to address any concerns raised in advance of the hearing. While we ask that you raise any concerns by 10 June 2021, 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.
You may request free copies of any of the documents on this webpage by writing to Compre Services (UK) Limited, 5 Floor, 2 Seething Lane, London, EC3N 4AT, United Kingdom, for the attention of Caroline Hobbs, or by email to firstname.lastname@example.org. Alternatively, you can telephone on +44 (0)203 551 6524 from Monday to Friday during usual business hours.