A: In 2023, the ITIC board took the strategic decision to establish an EEA-based subsidiary. The board considered that this would enable ITIC to be less reliant on third-party fronting arrangements and that having its own EEA presence would better enable ITIC to build on its existing EEA footprint via a more simplified structure.
A: Cyprus has a well-established shipping community in which ITIC has had members for almost 40 years. Additionally, Thomas Miller has an existing office in Limassol, which means that there will be the ability for ITIC Europe to share resources and benefit from associated cost efficiencies. Cyprus is also the EEA location for three International Group P&I Clubs as well as the UK Defence Club (which is managed by Thomas Miller) and, as such, the Cypriot insurance regulator has a good understanding of mutual insurers with similar structures to ITIC Europe.
A: In practice you will experience no difference. It will be business as usual - you will have the same point of contact in London and they will liaise with ITIC Europe on your behalf. You will be insured by ITIC Europe but remain a member of ITIC, enjoying the full benefits of membership.
A: No.
A: If your renewal is due on or after 14 th February 2024, you will be offered renewal terms with ITIC Europe.
A: There are slight differences. Both the Rules and the explanation of the difference can be found on ITIC’s website.
A: You will continue to communicate with your insurance broker, or through your usual contacts with ITIC in London as you have done in the past and we will liaise with ITIC Europe on your behalf.
A: You can report your claim to ITIC Europe via Thomas Miller B.V. Cyprus Branch (the managers of ITIICE) by email to itic europe@thomasmiller.com.
Your claim will be handled by ITIC Europe with support from ITIC in London.
A: No, ITIC Europe will invoice for IPT or other taxes in the same way as UKNV does currently.
A: Yes, ITIC Europe will have a new bank account and details will be provided on the debit note you will receive.
A: No. In line with ITIC Europe's parent company, ITIC, ITIC Europe does not have rating. ITIC and ITIC Europe are backed by a comprehensive 'A' rated reinsurance programme. The board of ITIC has made a strategic decision not to seek a market rating because the board views the cost of such a rating to be expensive and have minimal value. As a single mono-line professional indemnity insurer, it was felt that a rating would not reflect ITIC's strong solvency position.
A: You do not need to do anything. The portfolio transfer took place on 1st December 2024 which led to your policy being transferred from UKNV to ITIC Europe. At the midpoint of your policy you will receive a reminder debit note from ITIC Europe. More detail is provided below.
A: A portfolio transfer is a mechanism by which an insurer - in this case UK P&I Club N.V. (UKNV) - transfers all or part of its insurance business to another insurer – in this case International Transport Intermediaries Insurance Company (Europe) Ltd (ITIC Europe). A transfer application will be made under Section 3:114 of the Dutch Financial Supervision Act (Wet op het financieel toezicht, "DFSA") to the Dutch regulator, De Nederlandsche Bank N.V. (“the DNB”) for UKNV to transfer to ITIC Europe all of its insurance business relating to International Transport Intermediaries Club Ltd (ITIC) risks for policies written before 14th February 2024.
A: The portfolio transfer took place on 1st December 2024. Please find the official announcement in this circular.
A: No, you will not be asked to bear any of the costs of the portfolio transfer.
A: Please notify the managers of ITIC Europe, Thomas Miller B.V. Cyprus Branch, 2 nd Floor, Office 202, Gemini House, 37 Theklas Lysioti Street, Limassol C3030, Cyprus or by email itic-europe@thomasmiller.com.
A: No, there is no need to re-notify a notification that was made before the portfolio transfer. Your claim will continue to be handled under the same claim reference.
A: The portfolio transfer will have no impact on the way your claim is being handled. As above, your claim will continue to be handled under the same claim reference and any claim or costs settled by ITIC Europe.
A: No, whilst you will become a direct policyholder of ITIC Europe you will remain a member of ITIC.
A: Please address your request to Charlotte Kirk, ITIC Europe CEO, at itic@thomasmiller.com or to your usual ITIC contact.
Fill in the relevant proposal form to receive a quote.
Guidance on how to report a claim.
Contact us at ITIC.
+44 (0)20 7204 2928