Syncora Guarantee (UK) Ltd, Re

Syncora Guarantee (UK) Ltd, Re

The court is satisfied that all statutory and regulatory requirements are met, the independent expert's report is thorough and reliable, there is no adverse effect on any policyholder group, and the transfer is appropriate to sanction under FSMA 2000.

Parties
Applicant: Syncora Guarantee (UK) Ltd; Transferee: Syncora Guarantee Incorporated
Jurisdiction
England and Wales
Judgment Date
01 July 2015
Procedural Posture
Company Restructuring/insurance Business Transfer / Final Judgment on Application for Court Sanction of Insurance Business Transfer Scheme
Outcome
application granted; scheme sanctioned
Legal Topics
Insurance Business Transfer, Court Sanction of Schemes, Regulatory Approval, Policyholder Protection
Company Law Insurance Law Financial Services Regulation Insurance Business Transfer Court Sanction of Schemes Regulatory Approval Policyholder Protection

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Parties

Syncora Guarantee (UK) Ltd

Applicant

Syncora Guarantee Incorporated

Transferee

Procedural Posture

Company Restructuring/insurance Business Transfer / Final Judgment on Application for Court Sanction of Insurance Business Transfer Scheme

Legal Issues

  1. 1 Whether the proposed transfer of insurance business from Syncora Guarantee (UK) Ltd to Syncora Guarantee Incorporated should be sanctioned under Part 7 of the Financial Services and Markets Act 2000
  2. 2 Whether all statutory requirements and regulatory approvals have been met
  3. 3 Whether the transfer adversely affects policyholders

Ratio Decidendi

The court is satisfied that all statutory and regulatory requirements are met, the independent expert's report is thorough and reliable, there is no adverse effect on any policyholder group, and the transfer is appropriate to sanction under FSMA 2000.

Court Disposition

application granted; scheme sanctioned

Orders

  • Sanction of the transfer of insurance business from Syncora Guarantee (UK) Ltd to Syncora Guarantee Incorporated under Part 7 FSMA 2000
  • Order for the dissolution without winding up of Syncora Guarantee (UK) Ltd upon completion of the transfer