ITIC Europe

ITIC Europe

Following the United Kingdom’s departure from the European Union in 2020 and the conclusion of the transition period on 31st December 2020, ITIC put in place arrangements to provide service continuity to its policyholders for risks located in the EEA.

With effect from 1st November 2019 all of ITIC’s EEA business has been written by UKNV, as a fronting insurer for ITIC. This business was then 100% reinsured back to ITIC.

ITIC considered this an interim solution for a so called “hard” Brexit that could be unwound easily in case the UK would remain in or rejoin the EU Single Market.

As this now appears to be unlikely ITIC has decided to establish its own EU based subsidiary, International Transport Intermediaries Insurance Company (Europe) Ltd (ITIC Europe), incorporated in Cyprus, to insure the risks located in the EEA currently fronted by UKNV.

ITIC Europe obtained regulatory approval from the Insurance Companies Control Service of the Cyprus Ministry of Finance in November 2023 and began underwriting on 14th February 2024.

Difference between ITIC Rules and ITIC Europe Rules

Please note the ITIC Europe Rules 2024 are completely based on the ITIC Rules 2024 and are intended to offer those insured by ITIC Europe the exact same level of cover to which members of ITIC have always benefited. ITIC Europe is a wholly owned subsidiary of ITIC and therefore logical amendments have been made to the ITIC Rules reflecting the new arrangement, to create the new ITIC Europe Rules. The following is a high level summary of the changes that have been made:

1. Where necessary references to Club are changed to mean ITIC Europe instead of ITIC;
2. “Articles of Association” now mean the Articles of ITIC Europe. ITIC’s Articles are “the ITIC Articles”;
3. “The Rules” mean the ITIC Europe Rules and ITIC’s Rules are defined as “the ITIC Rules”.  
4. The concept of “corporate membership” of ITIC has been introduced so that entities insured by ITIC Europe are also corporate members of ITIC; 
5. Part 8 “Cesser of Insurance” now additionally includes cesser of corporate membership;
6. References to “Directors” mean the Directors of the Club (ITIC Europe);
7. The address for service has changed from ITIC’s London address to ITIC Europe’s Cyprus address.

If you/your client’s current ITIC policy is subject to an earlier version of the ITIC Rules than the 2024 version, you/they are encouraged to review the 2024 Rule Amendment Explanation document here or the 2023 Rule Amendment Explanation document here.

If you or your client have any questions about these changes please ask your usual ITIC contact.