To seamlessly serve our broker partners and customers across Europe regardless of the final outcome of the Brexit negotiations, we have announced our intent to establish a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland and based in Dublin (subject to authorisation).
No action is required on your part. All existing policies and agreements remain valid.
We will keep these pages updated as the process for our authorisation progresses. Please check back here to see the latest information.
Proposed Transfer of insurance business from Travelers Insurance Company Limited to Travelers Insurance DAC
Travelers Insurance Company Limited (formerly named St. Paul International Insurance Company Limited, St Paul Travelers Insurance Company Limited and St. Katherine Insurance Company Limited) (the Transferor) is proposing to transfer its general insurance business underwritten or assumed (in whole or in part) by its Irish, Dutch, French and German branches (Transferring Business) to Travelers Insurance DAC (the Transferee) (the Transfer). The Transfer will be effected by means of an insurance business transfer scheme (Scheme) under Part VII of the UK Financial Services and Markets Act 2000.
Both the Transferor and the Transferee are part of The Travelers Companies, Inc. group. The Transferee was incorporated in the Republic of Ireland on 6 February 2018. The Transferee is to be authorised by the Central Bank of Ireland as a non-life insurance company under the European Union (Insurance and Reinsurance) Regulations 2015.
The Effect of the Transfer
The rationale for the Transfer of the Transferring Business is to ensure that the policies subject to the Transfer can continue to be administered following the UK’s withdrawal from the EU. The effect of the Transfer is that the Transferor's rights and obligations under the policies comprising the Transferring Business will be transferred without alteration to the Transferee.
The proposal will need approval by the High Court of England and Wales and the Scheme can come into effect only with the Court’s approval. If this is given, we expect that the transfer to be effective on 31 March 2019 (the Effective Date).
A brief summary of the effect of the Transfer is set out in the Information Booklet, a copy of which is available below in the “Transfer Documents” section.
Other than a change in counterparty, there will be no change to any of the terms and conditions of your agreement or policy with the Transferor, any premium you pay, the benefits payable from your policy or the procedure for making a claim as a result of the Transfer. Please read and consider the information we have included on this website carefully to make sure you understand what we are proposing to do. Unless you wish to object to the Transfer or think you are adversely affected by the Transfer (please see more information in the "Your rights" section below) then you do not have to do anything.
The Transfer requires the approval of the High Court of England and Wales. The Court will consider whether the Transfer will adversely affect policyholders and whether it is appropriate to allow this Transfer. You have a right to attend the Court hearing that will consider the Transfer and to present any objections you may have. The Court hearing is scheduled to take place on 28 March 2019. The address of the Court is 7 Rolls Building, Fetter Lane, London, EC4A INL.
We hope this webpage 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.
More details of the various ways you can raise any concerns or objections to the Transfer are included in the "Contact Information" section below.
- Letters to Policyholders
- Letters to Brokers
- Information Booklet
The information booklet contains various questions and answers, a summary of the scheme, a summary of the Independent Expert's report and a copy of the formal legal notice of the Transfer.
- Letter to reinsurers
The Scheme document sets out the terms and conditions upon which the Transferring Business is being transferred to the Transferee. Read the Scheme Document here.
Independent Expert's Report
The full report of the independent expert looks at the impact of the proposed Transfer on the various groups of affected policyholders. Read the Report here. Before the final hearing to sanction the Transfer, a supplemental report from the independent expert will be made available on this website.
If you are comfortable with the Transfer, you do not need to do anything. If you need any further information or if you have queries or any concerns about this proposal, or think that you may be adversely affected, then please contact us as soon as possible and preferably no later than 20 March 2019 as follows:
Post: Travelers Insurance Company Limited, General Counsel, Travelers Legal Department, One Creechurch Place, London EC3A 5AF
Phone: +44 20 3207 6000
Whether or not you contact us first, you have the right to:
- make written representations; and/or
- to appear at the court hearing in person; and/or
- instruct a barrister or solicitor advocate to appear at the Court hearing and make representations on your behalf.
If you wish to do any of I, II or III above we ask that you please let us know by contacting us using the contact details set out above, preferably no later than 20 March 2019. However, please note that you are free to do any of I, II or III without giving us advanced notice.
The Court hearing on 28 March 2019 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.
- For more information about the Court hearing and further information of your rights please refer to the Information Booklet, a copy of which is available above in the “Transfer Documents” section.
What happens now?
Updates about the progress of the Transfer and copies of all of the relevant documentation will be posted on this website as soon as they are available. Please check back for updates on the progress of the Transfer, any changes to the proposed Effective Date or changes to the hearing dates and all other relevant updates, and contact us using the details above if you have any questions.
Travelers currently covers risks in Europe in two ways:
- Through our UK-based insurance company, Travelers Insurance Company Limited (TICL). TICL is authorised to write business under freedom of services in all 31 EEA member states. In addition, TICL has a branch in Ireland set up under freedom of establishment.
- Through our syndicate at Lloyd’s, Travelers Syndicate 5000.
To continue covering risks in the EEA after the UK leaves the single market, Travelers is establishing a new insurance company in Ireland. The company is currently in the process of authorisation by the Central Bank of Ireland.
Once authorised, Travelers will transfer all business written through TICL’s current Irish branch to the new company. In addition, the new company will cover all EEA risks currently covered under multinational policies written by TICL.
For business written in the EEA through our Lloyd’s syndicate, we will use the newly authorised Lloyd’s Brussels insurance subsidiary established in Belgium by Lloyd’s.
How will Travelers transfer business to the new company in Ireland?
The entire portfolio of TICL’s Irish domiciled business will be transferred to the new company by means of an insurance business transfer under Part VII of the Financial Services and Markets Act 2000 (FSMA). Full details of the legal process will be provided to policyholders.
We anticipate this transfer will complete around the time that the UK is due to leave the EU (currently planned for March 2019). We will be contacting policyholders, claimants and other interested parties to provide them with details of the transfer and to let them know how they can raise any comments or queries.
The multinational business currently written by TICL will be renewed by the new company as each policy expires.
Why did Travelers choose Ireland for its EU business?
Ireland is the natural choice for our EU insurance company. We have been present in the Irish insurance market for more than 20 years and have a well-developed appreciation of the local industry and the sophisticated regulatory environment. In addition, we have more than 50 experienced professionals currently based in Ireland who will support the new Irish company.
Who will regulate the new company?
The new company will be incorporated in Ireland and operate from Travelers’ current premises in Dublin. The company will be authorised and regulated by the Central Bank of Ireland (CBI). The new company will, therefore, be able to cover risks located in Ireland and will be able to cover risks located in any EEA member state on a freedom of services basis.
The same teams in Ireland will continue to provide expert underwriting and claims services to our customers and brokers in Ireland. All contact details will remain the same.
If you are a broker, please contact your regular Travelers representative. For customer or any other queries, please get in touch with John Abramson, General Counsel, Travelers Europe.