To Be a Good Company

Insurance Business Transfer from Tokio Marine & Nichido Fire Insurance Co., Ltd. London Branch to NRG Victory Reinsurance Limited.

04.25.2022

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 will be heard on 7 July 2022 before a Judge of the Companies Court of the High Court at 7 Rolls Building, Fetter Lane, London EC4A 1NL, United Kingdom. Subject to the Court granting an order sanctioning the Scheme, the Scheme is expected to become effective on 20 July 2022. If approved, the transfer will result in the London Branch Business, formerly carried on by TMNF, being carried on by NRG and policyholders will be entitled to the same rights against NRG as they had against TMNF. NRG is an insurance and reinsurance company registered in England and Wales.

Any person or persons who considers that the Scheme would adversely affect them is entitled to make representations in writing; to appear at the hearing and make representations in person; and/or to instruct a barrister or solicitor advocate to appear as their representative. If you intend to instruct someone to appear on your behalf, or to appear at the hearing yourself (to make representations rather than simply attending), please give written notice of that intention, setting out the reasons why you believe that the Scheme might adversely affect you, to TMNF's solicitors, Mayer Brown International LLP by post to 201 Bishopsgate, London, EC2M 3AF; by email to TMNFPart7Transfers@mayerbrown.com or by telephone (+44 20 3130 3000), in each case quoting the reference 20454/48520/21680074. You should send such notices or make any written representations as soon as possible and preferably by close of business on 30 June 2022. TMNF will share any objections and/or representations received before the hearing with the Prudential Regulation Authority, the Financial Conduct Authority and the Court.

You do not need to take any action unless you consider you would be adversely affected by the proposed transfer going ahead and wish to object to the transfer.

Please refer to the following documents for further information:

Hard copies of these documents can also be requested to be posted to you by writing to Mayer Brown International LLP, 201 Bishopsgate, London EC2M 3AF, quoting reference 20454/48520/21680074 or by sending an email to TMNFPart7Transfers@mayerbrown.com.

This webpage will be updated periodically to include up to date information.