The Copenhagen Reinsurance Company (UK) Ltd & Anor, Re

The Copenhagen Reinsurance Company (UK) Ltd & Anor, Re

The Scheme satisfies all statutory requirements, policyholders are not materially adversely affected, and the court has jurisdiction under s.112(1)(d) FSMA to vary the ILU Guarantees to preserve policyholder benefit. The dissolution of CopRe without winding up is appropriate as all assets and liabilities are transferred and regulatory permission cancelled.

Parties
Transferor: The Copenhagen Reinsurance Company (U.K.) Limited; Transferee: Marlon Insurance Company Limited; Guarantor: ALM. Brand af 1792 Fmba; Guarantor: ALM. Brand A/S
Jurisdiction
England and Wales
Judgment Date
29 April 2016
Procedural Posture
Insurance Business Transfer Scheme / Final Sanction Hearing
Outcome
Scheme sanctioned; ancillary orders granted.
Legal Topics
Insurance Business Transfer, Guarantee Variation, Dissolution Without Winding Up, Regulatory Compliance
Insurance Law Company Law Financial Regulation Insurance Business Transfer Guarantee Variation Dissolution Without Winding Up Regulatory Compliance

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Parties

The Copenhagen Reinsurance Company (U.K.) Limited

Transferor

Marlon Insurance Company Limited

Transferee

ALM. Brand af 1792 Fmba

Guarantor

ALM. Brand A/S

Guarantor

Procedural Posture

Insurance Business Transfer Scheme / Final Sanction Hearing

Legal Issues

  1. 1 Whether the insurance business transfer scheme should be sanctioned under Part VII of FSMA
  2. 2 Whether the ILU Guarantees should be varied to reference Marlon instead of CopRe
  3. 3 Whether the CopRe Trust assets should be transferred to Marlon Trust

Ratio Decidendi

The Scheme satisfies all statutory requirements, policyholders are not materially adversely affected, and the court has jurisdiction under s.112(1)(d) FSMA to vary the ILU Guarantees to preserve policyholder benefit. The dissolution of CopRe without winding up is appropriate as all assets and liabilities are transferred and regulatory permission cancelled.

Court Disposition

Scheme sanctioned; ancillary orders granted.

Orders

  • Insurance business transfer scheme sanctioned under Part VII FSMA.
  • ILU Guarantees varied so references to CopRe are deemed references to Marlon.