Changes to Chartis in Europe


Update from Chartis: 30th June 2011

I am writing today to update you on our plans for the operating structure of Chartis' European region. You do not need to take any action as a result of the following information.  

In July last year we announced the creation of a new enlarged European region which included the following EU-domiciled insurance companies: Chartis Insurance Ireland Limited, Chartis Romania Insurance Company SA, Chartis Insurance UK Limited and Chartis Europe SA.  We also indicated our intention to create a single UK domiciled European insurer.

Consequently we propose to undertake the following transactions subject to necessary regulatory and legal approvals:

2011

  • Change the name of Chartis Insurance UK Limited, on 1 December 2011, to Chartis Europe Limited
  • A cross border merger of Chartis Insurance Ireland Limited and Chartis Insurance UK Limited, and a portfolio transfer of the Chartis business in Ireland into a newly formed branch of Chartis Europe Limited in Ireland
  • A portfolio transfer of the Chartis businesses in Cyprus and Malta into newly formed branches of Chartis Europe Limited in Cyprus and Malta

2012

  • A portfolio transfer of the Chartis businesses in Greece into a newly formed branch of Chartis Europe Limited in Greece
  • A portfolio transfer from Chartis Romania Insurance Company SA to Chartis Europe Limited in Romania 
  • A cross border merger and portfolio transfer of Chartis Europe SA into Chartis Europe Limited

The rights of existing policyholders, claimants and other third parties will be unaffected by these legal transactions. Chartis Europe Limited will continue to be regulated by the FSA.

Importantly, the proposed legal entity changes to the insurance companies will not impact either our regional or UK operational management structure - the same teams will continue to provide you with expert underwriting and claims handling service, as they do now, and we will continue with the North Europe, South Europe and UK reporting structure we have now.

Our policyholders in Europe have always enjoyed the security of being insured by a financially strong and well regulated company.  Following the merger, policyholders will continue to enjoy high levels of protection from a large insurer, based and regulated within the EU. 

We will keep you informed over the next few months by providing more detailed information and any actions that need to be taken.