PRIIdac – Bothnia Wholesale Portfolio Transfer

General Liability Insurance Policies Transfer

This website provides information about the proposed transfer of general liability insurance policies from PartnerRe Ireland Insurance Designated Activity Company (“PRIIdac”) to Bothnia International Insurance Company Limited (“Bothnia”) under the Regulation 41 of the European Union (Insurance and Reinsurance) Regulations 2015 (the “2015 Regulations”), Section 13 of the Irish Assurance Companies Act 1909 (as amended) (the “1909 Act”) and Section 36 of the Insurance Act 1989 (as amended) (the “1989 Act”).

Description of the portfolio

The transferring portfolio consists of both insurance and reinsurance contracts and policies, which relate predominantly (but not exclusively) to the areas of commercial directors and officers insurance, professional indemnity insurance, medical malpractice insurances, commercial package insurances and other miscellaneous financial lines insurances. The transferring portfolio was distributed between 1 April 2013 and 31 March 2019 through a network of wholesale managing general agents in the EU countries of France, Ireland, Italy, Spain, Sweden and (at the time) the United Kingdom, and also in Turkey and the United Arab Emirates.

Who is PartnerRe Ireland Insurance Designated Activity Company (“PRIIdac”)

PRIIdac is a non-life insurance undertaking, incorporated in Ireland as a private limited company under company number 395191 with its registered office and principal place of business at 3rd Floor, The Exchange, Georges Dock, IFSC, Dublin 1, Ireland.

Who is Bothnia International Insurance Company Limited (“Bothnia”)

Forming part of the Compre Group, Bothnia is incorporated in Finland as a limited liability insurance company (in Finnish: vakuutusosakeyhtiö) under registration number 0947118-3 and has its registered office at Eerikinkatu 27, FI-00180 Helsinki, Finland. www.compre-group.com

The Transfer Process

Before the Transfer can proceed under it will require the approval (known as the “sanction”) of the Irish High Court. If the Irish High Court sanctions the Transfer, those insurance policies, business contracts and associated assets and liabilities affected by the Transfer will automatically transfer to and become the responsibility of Bothnia from the date on which the Transfer takes legal effect.

As part of the Transfer process, PRIIdac and Bothnia have jointly appointed an Independent Expert to report on the effects of the Transfer on the policyholders and other interested parties. Noel Garvey, a Fellow of the Society of Actuaries in Ireland, of KPMG Ireland, has been appointed to provide this report for the Transfer (the “Report”) as an Independent Expert following consultation with the Central Bank of Ireland. Noel Garvey has prepared the Report and he has found that policyholders and other interested parties will not be materially adversely affected by the Transfer.

Key Dates

Directions Hearing: 15 June 2020

Sanctions Hearing: 9 October 2020 at 11:15.

High Court of Ireland

The Four Courts,

Inns Quay, Dublin 7

Proposed Effective Date of the Transfer: 31 October 2020

Documents

The following web-link takes you to the relevant documents for the Transfer:

https://Compre-Group.com/notices/PartnerRe-Ireland-Insurance-DAC

FAQs

The following web-link provides answers to many of the questions you may have about the Transfer, including further details of the insurance business included under it, how the Transfer will take place, the effects of the Transfer (including the continuing administration of policies) and the role of the Independent Expert. Importantly, it also sets out your rights if you think you may be adversely affected by the Transfer or you object to the Transfer. If you have no concerns about the Transfer then you do not need to do anything:

https://Compre-Group.com/notices/PartnerRe-Ireland-Insurance-DAC

Contact details

Email address: PRIIdacBothniaTransfer@partnerre.local

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