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UK: Transfer of the private medical insurance business of Aetna Insurance Company Limited to AWP P&C SA – UK Branch, an Allianz entity
This website provides information about the Transfer of the private medical insurance business of Aetna Insurance Company Limited (AICL) to AWP P&C SA (Allianz), an Allianz entity operating in the UK through its UK branch, AWP UK, under Part VII of the Financial Services and Markets Act 2000 (Transfer).
The transferred portfolio comprises the following business:
- All insurance policies underwritten by AICL, including any endorsements or amendments thereto, under which there is still potential liability for claims (excluding any policies written by AICL’s Singapore branch); and
- All corresponding insurance provisions and reserves
Before the Transfer could proceed under Part VII of the Financial Services and Markets Act 2000 (“FSMA”), it required the approval (known as “sanction”) of the High Court of England and Wales (the “UK Court”). Now that the UK Court has sanctioned the Transfer, those (re)insurance policies and liabilities in scope of the Transfer automatically transferred to and became the responsibility of Allianz on 1 December 2023 when the Transfer took legal effect.
Under Part VII of FSMA, an Independent Expert must report on the effects of the Transfer on the policyholders and other interested parties. Brian Morrissey, a Fellow of the Society of Actuaries in Ireland, Fellow of the Institute and Faculty of Actuaries and a Fellow of Society of Actuaries in the US, of KPMG Ireland, was appointed to provide this report for the Transfer (the “Report”) as an Independent Expert and his appointment was approved by the Prudential Regulation Authority, following consultation with the Financial Conduct Authority. Brian Morrissey prepared the Report and he found that the Transfer:
- Will not materially adversely affect the security of benefits to the policyholders of either Aetna or Allianz; and
- Will not materially adversely impact on service standards experienced by the policyholders of either Aetna or Allianz
You will find the following information within the relevant sections of this website, to assist you with understanding what the Transfer means for you:
Key Dates: On 27 October 2023, the parties received approval from the High Court to complete the Transfer, with effect from 1 December 2023.
Documents: Copies of various documents relating to the Transfer, including the Notice setting out details of the court hearings, the Scheme document which sets out the terms of the Transfer, the Report of the Independent Expert and the information sent to interested parties with details of the Transfer.
FAQs: Answers to questions you may have about the Transfer, including further details of the insurance business included under it, how the Transfer took place, the effects of the Transfer (including the continuing administration of policies) and the role of the Independent Expert.
This page contains the key dates for the business transfer
Directions Hearing: 5 July 2023
Sanction Hearing: 27 October 2023
High Court of Justice of England and Wales (High Court)
The Rolls Buildings
7 Rolls Buildings, Fetter Lane, London EC4A 1NL
Details of the court hearing, including the time and location, were found by visiting the website on the morning of 27 October 2023 or by appearing at Rolls Buildings on the same day. The Part VII Transfer number is CR-2023_001842.
Effective Date of the Transfer: 1 December 2023