UK Club restructure advances on schedule
Three key milestones in the progress of the UK Club restructure were achieved in the last two weeks.
At our AGM of 29th October members voted unanimously in favour to make UK Club (Europe) the sole provider of direct insurance business to UK Club members. UK Club (Bermuda) will become the reinsurer of UK Europe and continue to be the holding company controlled by its members.
On the 30th October, at a hearing at the High Court of England and Wales, the Part VII Transfer process enabling the restructure under English law was also approved.
On the 9th November the Supreme Court in Bermuda also sanctioned the transfer of UK Club (Bermuda)’s business to UK Club (Europe).
The new structure will take effect from February 2013 and does not impact members in the 2012 policy year.
The change will reduce the number of separately regulated entities, strengthen governance, reduce compliance costs and efficiently manage the Club’s solvency capital requirements. There will be no change to terms of entry, cover or premium for members and the overall amount of free reserves held by the UK Club before and after will remain the same.