Proposed changes to our business
On 9 April 2018, Utmost Ireland dac “UI” and Athora Ireland PLC “AI” (formerly Aegon Ireland PLC) entered into an agreement which provided for the transfer of Athora Ireland’s non-guaranteed offshore bonds business to Utmost Ireland dac.
The legal process by which insurance business may transfer from one insurer to another requires court approval. The proposed transfer is subject to the sanction of the Irish Court with parallel Schemes of Transfer in Jersey and Guernsey.
Subject to receipt of all necessary regulatory and Court approvals, it is anticipated that the proposed transfer will take effect on 31st December 2018 or as soon as possible thereafter.
How will policies be affected?
When AI’s policies are transferred to UI, there will be no impact to UI’s policyholders. There will be no change to your policy’s terms and conditions. The way in which you interact with UI will remain the same.
Where can I find out more information?
Below are links to documents which provide more details about the proposed transfer, including the application to the High Court.
You can also view the Independent Actuary’s Report, in respect of the proposed transfer. A link to this document is set out below. As legally required in a transfer of this type and to safeguard the interests of policyholders of AI and UI, an Independent Actuary, Ms Rosemary Commons (Willis Towers Watson) was appointed to review the terms of the proposed transfer. The report concludes subject to the points listed in section 6.1 of her full report, that there is no material adverse impact on the security of benefits for any policyholders as a result of the Schemes and no policyholders will suffer any reduction in reasonable benefit expectations as a result of the Schemes.
If you have further questions that we have not covered please contact us on 0845 6029281 and we will be happy to help.