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Notice of Order to Sanction Part VII Transfer by Chancery Division Companies Court - No. 5279 of 2012
IN THE HIGH COURT OF JUSTICE
NO: 5279 OF 2012
IN THE MATTER OF
THE FINANCIAL SERVICES AND MARKETS ACT 2000
IN THE MATTER OF
THE UNITED KINGDOM MUTUAL STEAM SHIP ASSURANCE ASSOCIATION (BERMUDA) LIMITED
THE UNITED KINGDOM MUTUAL STEAM SHIP ASSURANCE ASSOCIATION (EUROPE) LIMITED
NOTICE IS HEREBY GIVEN that on 31 October 2012 the High Court of Justice made an Order (“the Order”) under Part VII of the Financial Services and Markets Act 2000 (“FSMA”) in connection with the insurance business transfer scheme (“the Scheme”) between (i) The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (“UKB”) and (ii) The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited (“UKE” and, together with UKB, the “Club”). The Order:
1. sanctions the Scheme pursuant to which the whole of the insurance and reinsurance business of UKB (other than the business carried on by its branches in Hong Kong, Singapore and Japan) shall transfer to UKE; and
2. makes ancillary provisions in connection with the Scheme pursuant to Section 112 of FSMA.
The Scheme is conditional upon the sanction of a Bermuda scheme of arrangement and is due to take effect at noon GMT on 20 February 2013.
Copies of the Order can be obtained free of charge by writing to John McPhail at Thomas Miller, 90 Fenchurch Street, London EC3M 4ST. Alternatively, copies can be downloaded from the Club’s website.
Policyholders whose policies are included within the transfer may have a right under the law of the relevant EEA state (being the EEA state in which the risk covered by their policy is situated) to cancel their policy. The period for cancellation of such policy shall be the period of 21 days starting from the date of this notice or such other period as provided for by the laws of the relevant EEA state. Further details regarding the rights of cancellation under the laws of the relevant EEA states can be found on the Club’s website at http://www.ukpandi.com/about-the-club/club-restructure/.
If any policyholder intends to cancel their policy as outlined above they should contact John McPhail at Thomas Miller, 90 Fenchurch Street, London EC3M 4ST as soon as possible.
DATED this 8th day of November 2012
Reed Smith LLP
The Broadgate Tower
20 Primrose Street
Tel: +44 (0)20 3116 3000
Fax: +44 (0)20 3116 3999
Solicitors for UKB and UKE