ITIC Europe circular: Portfolio transfer

TO THE MEMBERS AND THEIR BROKERS

UK P&I Club N.V. (“UKNV”) Portfolio Transfer of Insurance Business to International Transport Intermediaries Insurance Company (Europe) Ltd (“ITIC Europe”)

We wrote to you in January 2024 (a copy of which is available via this link) to advise of the change of arrangements in respect of the underwriting of ITIC risks in the EEA. In that letter we referred to the planned portfolio transfer of ITIC business currently insured via UKNV and advised that formal notification would be given to impacted members and brokers. This letter provides that formal notification and sets out the basis on which it is proposed that affected UKNV members’ policies of insurance written before 14^th February 2024 be administered. We are required by the De Nederlandsche Bank NV (“DNB”) to send you this circular as part of the process to put the arrangements in place.

The proposed transfer

We are writing to you to inform you of the proposed portfolio transfer of certain parts of the insurance and reinsurance business of UKNV to ITIC Europe (ITIC Europe together with UKNV are referred to as “Applicants”).

ITIC Europe intends to assume through a portfolio transfer (“Transfer”) all insurance obligations from UKNV for which UKNV acted as fronting insurer for ITIC.

Pursuant to the terms of the Transfer, this part of insurance and reinsurance business of UKNV will be transferred to ITIC Europe at 00:01 hours Greenwich Mean Time on 1^st December 2024. The Transfer is subject to the approval of the DNB.

UKNV is regulated by the “DNB” and the Dutch Authority for the Financial Markets (“AFM”) in the Netherlands. If you become a policyholder of ITIC Europe, the Insurance Companies Control Service of the Cyprus Ministry of Finance will be the applicable regulator in respect of the transferred policy.

If the Transfer is approved, any policy that you have (including any expired policy under which you may still have rights, or open claims) will transfer to ITIC Europe at 00:01 hours Greenwich Mean Time on 1^st December 2024 (“Effective Time”) and, in relation to such policy, you will become a direct policyholder of ITIC Europe, but will remain a member of International Transport Intermediaries Club (“ITIC”). The Transfer will not change the terms or benefits of the policy and all rights and liabilities which policyholders and other parties currently have against UKNV will become enforceable against ITIC Europe.

How are policyholders’ interests being protected?

The Applicants believe that the Transfer will not materially adversely affect the security or benefits to policyholders of either UKNV (both those policyholders being transferred under the Transfer and those who will remain, post-Transfer, policyholders of UKNV) or ITIC Europe. The Applicants also believe that the Transfer will not have an impact on service standards experienced by the policyholders of either UKNV (both those policyholders being transferred under the Transfer and those who will remain, post-Transfer, policyholders of UKNV) or ITIC Europe. And finally, the Applicants believe that the Transfer will not result in any loss or dilution of the constitutional rights to which the members ITIC are currently entitled, including but not limited to their entitlements and obligations as policyholders.

The Applicants have consulted with the DNB and the AFM regarding the proposed Transfer and, to date, the Applicants have not received an objection from the DNB or the AFM. The DNB and AFM will continue to consider the proposed Transfer and will take into account any objections received from policyholders and other key stakeholders.

The Applicants believe that the Transfer is in the best interests of the Applicants, their policyholders and members.

The changes to the administration of the policy will be relatively minor. Both ITIC Europe and UKNV are companies managed by the Thomas Miller group of companies and Thomas Miller will continue to carry out the day-to-day handling of claims and administration of the policies which transfer to ITIC Europe and those which remain with UKNV. 

What should you do?

Please read the information we have included in this notification to make sure that you understand what the Applicants are proposing to do. There is further information on ITIC’s website (via this link - ITIC Europe FAQ).

Brokers

If you are or were a broker of a policyholder of UKNV and / or member of ITIC then please provide a copy of this notification to the relevant policyholder(s) and / or member(s) as soon as possible. If you are no longer a broker of a UKNV policyholder and / or member of ITIC (or if you have the address of someone else that we should instead contact in relation to the Transfer) then please send the contact details of the policyholder(s) and / or member(s) that you used to represent (or of such other persons whom you wish us to contact) to the email address listed below.

Policyholders/members and affiliates

If you are a policyholder of UKNV and / or member of ITIC whose policy lists affiliates and / or other assureds then please provide a copy of this notification to the relevant affiliate(s) and / or other assured(s) as soon as possible. Further, if you have the address of someone else that we should instead contact in relation to the Transfer then please send the contact details of such other persons whom you wish us to contact to the email or postal address listed below.

This notice is also being sent to members and their insurance brokers who are already insured with ITIC Europe but still have open claims from the period when they were insured by UKNV.  These claims will also transfer to ITIC Europe under the portfolio transfer at 00:01 hours Greenwich Mean Time on 1^st December 2024 (“Effective Time”).

Bank account details

If you have been issued with an invoice by UKNV which shows a payment due on or after 1^st December 2024, that payment should be made using the following account details:

EUR account

Account name: International Transport Intermediaries Insurance Company (Europe) Ltd 
Address: CITIBANK EUROPE PLC, NL BRANCH, WTC Building, Tower D Floor 8, Schiphol, Boulevard 257, Schipol 1118 BH The Netherlands 
Swift Code: CITINL2X 
IBAN: NL43CITI2032333384
Account No: 2032333384

USD account

Account name: International Transport Intermediaries Insurance Company (Europe) Ltd 
Address: CITIBANK EUROPE PLC, NL BRANCH, WTC Building, Tower D Floor 8, Schiphol, Boulevard 257, Schipol 1118 BH The Netherlands 
Swift Code: CITINL2X 
IBAN: NL68CITI0112651233 
Account No: 112651233

GBP account

Account name: International Transport Intermediaries Insurance Company (Europe) Ltd 
Address: CITIBANK EUROPE PLC, NL BRANCH, WTC Building, Tower D Floor 8, Schiphol, Boulevard 257, Schipol 1118 BH The Netherlands 
Swift Code: CITINL2X 
IBAN: NL90CITI0112651225 
Account No: 112651225

Please note that shortly after the portfolio transfer the previously used UKNV bank accounts with Citibank will be closed, accordingly please do not make any payments to those accounts on or after 1^st December 2024.

You will receive a new statement from ITIC Europe confirming these bank account details.

If you have no objections to the proposed transfer no further action is required from you. If you have any objections or questions please contact your usual ITIC contact by:

• emailing to itic@thomasmiller.com;
• writing to ‘ITIC Europe Transfer’ at 90 Fenchurch Street, London EC3M 4ST; or
• calling +44 (0) 207 338 0150

Yours faithfully,

Tom Irving

Chief Executive Officer

For International Transport Intermediaries Management Co Ltd.
Managers of International Transport Intermediaries Club Ltd