The transfer of certain UK employers’ liability and public liability business from QBE UK Limited (“QBEUK”) to Inceptum Insurance Company Limited (“Inceptum”) by means of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000 was sanctioned at a hearing on 25 November by Mr Justice Roth and took effect on 02 December 2022.
The Part VII transfer also sanctioned all of the general insurance business of World Marine & General Insurance PLC (“WMG”) and R&Q Eta Company Ltd (“Eta”) to Inceptum.
QBEUK is proposing to transfer certain UK employers' liability and public liability business written or assumed by it and which incepted on or prior to 31 December 2007 (the QBEUK Transferring Business). Certain policies that would otherwise fall within the scope of the QBEUK Transferring Business are excluded from the Scheme and will remain with QBEUK. These excluded policies are detailed in the legal document setting out the terms of the proposed Transfer (the Scheme Document) at Schedule 1 (part B).
The Scheme is also proposing to transfer all of the general insurance business of The World Marine & General Insurance PLC (WMG) and R&Q Eta Company Ltd (Eta) to Inceptum.
Before the Transfer can proceed under Part VII of the Financial Services and Markets Act 2000 (FSMA), it will require the approval of the High Court of England and Wales (the Court). If the Court approves the Transfer, those general insurance policies affected by the Transfer will automatically transfer to Inceptum as from the date on which the Transfer takes legal effect.
Under Part VII of FSMA, an Independent Expert must report on the effects of the Transfer on the policyholders and other interested parties. Derek Newton, a Fellow of the Institute and Faculty of Actuaries, of Milliman LLP has been appointed as Independent Expert to provide a report on the Transfer (the Report). Mr Newton's appointment has been approved by the Prudential Regulation Authority following consultation with the Financial Conduct Authority. Mr Newton has prepared the Report and has found that policyholders and other interested parties will not be materially adversely affected by the Transfer.
The Court will hear the application for the order sanctioning (i.e. approving) the Transfer on 25 November 2022.
The Court hearing will take place at The Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom.
If the Court grants an order sanctioning the Scheme, it is currently expected that the Transfer will take effect at 00:01 (GMT) on 2 December 2022.
We will announce the outcome of the Court hearing on this webpage.
You are able to download copies of documents relating to the Transfer by selecting the links, below:
Supplementary Report of the Independent Expert – the Independent Expert will also prepare a supplement to his report prior to the Court hearing in relation to any matters which may have changed or have been updated since his first report. The supplementary report will be posted onto this webpage when it is available, so you may wish to check for updates.
Future updates relating to the Transfer, including any changes to the Court hearing date and a copy of the supplementary report to be prepared by the Independent Expert, will be posted onto this webpage, so you may wish to check for updates. If the Transfer is approved, we will announce it on this webpage.
If you have any further questions, or if you think you may be adversely effected by or object to the proposal, you may contact us by:
Any other general queries relating to your policy or claims should continue to be made using the contact details set out in your policy documents.