Zurich in the UK after Brexit
Following the UK’s exit from the European
Union on 31 January 2020 (Brexit), Zurich will soon be transferring parts of
Zurich’s UK general insurance business from Zurich Insurance plc (ZIP) to
Zurich Insurance Company Ltd (ZIC). This is an internal reorganisation between
two companies within the Zurich Group and policy terms, administration and
service levels will not be affected.
The transfer will be carried out using an
insurance business transfer scheme under Part VII of the Financial Services and
Markets Act 2000, which was approved by the High Court in the UK in November
2022. A separate scheme is required to transfer any insurance business carried
on in, or from within, Jersey, which was approved by the Royal Court of Jersey
in November 2022. We will be making the transfer to ZIC on 1 January 2023.
Why is this transfer necessary?
Brexit, Zurich’s general insurance business in the UK has been written through
the UK branch of ZIP (an insurer based in Ireland) under the Temporary
Permissions Regime (TPR). The TPR is overseen by the Prudential Regulation
Authority and is currently due to end on 31 December 2023. To remain compliant
with our legal and regulatory obligations, we are transferring the relevant
business to the UK branch of ZIC (a Swiss-based insurance company).
What you need to do
As part of the process, we will be writing
to all transferring policyholders and other interested parties to inform them
of the proposed transfer. If you are affected (for example because your
insurance contract forms part of the business carried on by ZIP through its UK branch),
you will receive a letter or email from us. The legal notice – the legal
notification regarding the proposed UK transfer scheme, as published in the
press – is available on our website.
To find out more about the transfer on our
UK website, or to see a copy of the legal notice, click on the links below.