Pro.

Scheme management

Colbourne Insurance Company Limited


The proposed transfer by Colbourne Insurance Company Limited of all general insurance and reinsurance business to NRG Victory Reinsurance Limited


The transfer was sanctioned on 17 July 2017 and will become effective on 31 July 2017

Background

In December 2016, the Colbourne Insurance Company Limited (the Transferor) entered into an Agreement with the NRG Victory Reinsurance Limited (the Transferee) providing for the transfer to the Transferee of all insurance business and reinsurance business underwritten by the Transferor under Part VII of the Financial Services and Markets Act 2000.

Business to be Transferred

The Transferring Business comprises all the insurance business and reinsurance business underwritten or assumed, including by way of novation or portfolio transfer, by the Transferor.

Court Hearing Date and Location

The application to transfer the Transferring Business is to be heard before the Companies Court Judge at the Rolls Building, 7 Rolls Buildings, Royal Courts of Justice, Fetter Lane, London EC4A 1NL, United Kingdom  on 17 July 2017. Formal notice of the application to sanction the scheme can be found in the Legal Notice:[2]

This Legal Notice also includes details of the solicitors acting on behalf of the Transferor and the Transferee – Berwin Leighton Paisner LLP – should you wish to contact the solicitors acting on the Transfer.

The Hearing

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.

Your Rights

We hope this webpage, the links and the Transfer Documents below 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 Colbourne Insurance Company Limited using one of the methods below:

In writing:
Anne Bagshaw
88 Leadenhall Street, London EC3A 3BP
Ref: Colbourne

By Email:
anne.bagshaw@pro-global.com
Ref: Colbourne

Telephone:
+44 (0)20 7068 8402

Whether or not you contact us first, you have the right to:

  1. make written representations to the Transferor and the Court; and/or
  2. appear at the court hearing in person and to raise any concerns, questions or objections; and/or
  3. instruct a barrister or solicitor advocate to appear at the Court hearing and make representations on your behalf.

We ask that you please send any written representations, or if you wish to do either of ‎2) or ‎3) above, send written notice of your intention giving details of your concerns, objections or representations, preferably by no later than 10 July 2017 to:

Berwin Leighton Paisner LLP
Adelaide House, London Bridge
London, EC4R 9HA
(ref: Geraldine Quirk).

However, if you do not send the requested notice, you will still be entitled to do either of ‎2) or ‎3) above.

A complete guide regarding details of how to raise questions, convey views, or make representations in relation to the scheme are given in the Legal Notice[2] and in the circular, and can be found at pages 4 and 5 of the  Circular:[1]

Links to the Independent Expert Report, Summary and Supplementary Independent Expert Report are available below.

Independant Expert Report
Summary of Independant Expert Report
Supplementary Independant Expert Report

You may also contact the PRA or FCA at the following address:

Prudential Regulation Authority
Bank of England
20 Moorgate
London
EC2R 6DA
Ref: The Insurance Risk and Transactions Team

Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Ref: Transfers of Business Team / Authorisation

[1]

Explanatory Circular

[2]

Legal Notice

Independant Expert Report

Summary of Independant Expert Report

Supplementary Independent Expert Report