Insurance Business Transfer from Tokio Marine & Nichido Fire Insurance Co., Ltd. London Branch to NRG Victory Reinsurance Limited.
01.13.2023
New:The London Branch has been closed following the de-authorisation effective on 15 December 2022 (01.13.2023)
On 4 April 2022, Tokio Marine & Nichido Fire Insurance Co., Ltd. ("TMNF") applied to the High Court of Justice of England and Wales (the "Court") for an order sanctioning an insurance business transfer scheme (the "Scheme") providing for the transfer by TMNF to NRG Victory Reinsurance Limited ("NRG") of the entire business of TMNF's London Branch (the "London Branch Business").
The London Branch Business consists of TMNF’s legacy non-aviation international reinsurance business that was commercially assumed in 2003 and prior years. A more detailed description of the London Branch Business is set out in the documents listed below.
TMNF's application was heard on 7 July 2022 before Sir Alastair Norris (sitting as a Judge of the High Court) in the Companies Court of the High Court of Justice, London.
Following the order made by the Court sanctioning the Scheme, the transfer became effective on 20 July 2022. The transfer resulted in the London Branch Business, formerly carried on by TMNF, being carried on by NRG and policyholders are entitled to the same rights against NRG as they had against TMNF. NRG is an insurance and reinsurance company registered in England and Wales.
Please refer to the following documents for further information:
- 1. Hearing Notice;
- 2. Scheme Document;
- 3. Summary of Scheme;
- 4. Letter to Policyholders;
- 5. Independent Expert Report;
- 6. Summary of Independent Expert Report;
- 7. Frequently Asked Questions;
- 8. Supplementary Independent Expert Report; and
- 9. Sealed Sanction Order.
TMNF applied to the UK Regulators to de-authorise the London Branch and the de-authorisation of the London Branch took effect on 15 December 2022, following which the London Branch has been closed.