Scheme transfer of certain insurance business from Quilter International Ireland dac (QII) and Utmost Worldwide Limited (UW) to Utmost PanEurope dac (UPE)
This website page is dedicated to our proposal to transfer, separately but at the same time, the long-term insurance business of QII and the “Dutch policies” from UW, both to UPE (together the “transfers”).
Outcome of the Sanctions Hearings – 1 October 2022
The Irish High Court Sanction hearing of 20 September 2022 was successful with the transfer sanctioned in full by the High Court of Ireland and subsequently by the Royal Court of Guernsey on the 23 September. All policies of QII to have now transferred to UPE, including the small number of policies where the policyholder is recorded as resident in Guernsey.
Additionally, the small number of UW policies that were signed in the Netherlands and where the policyholder is recorded as resident or tax resident in the Netherlands have also successfully transferred to UPE: the “Dutch Policies”.
Please read the Policyholder Circular which contains important information about the proposed transfers, summarises key aspects of each scheme, including the Summary of the Independent Actuary’s Report, provides answers to commonly asked questions, including information on how to object to the transfers, and provides contact details if you wish to get in touch with us.
We have not sent out hard copies of the Policyholder Circular for environmental reasons, but please contact us if you would like to receive a copy by post, free of charge. Contact details are provided below.
We are proposing to transfer all policies of QII to UPE, which we refer to as the “QII Scheme”.
The QII Scheme includes the transfer of a small number of policies where the policyholder is recorded as resident in Guernsey. We are referring to these as the “QII Guernsey Policies” and to the required parallel Guernsey scheme as the “QII Guernsey Scheme”.
We also propose to transfer a small number of UW policies that were signed in the Netherlands and where the policyholder is recorded as resident or tax resident in the Netherlands. We are referring to these as the “Dutch Policies” and to the scheme as the “UW Scheme”.
Documents available for inspection
As well as being available online, the Policyholder Circular (which includes a summary of the report on the terms of the schemes prepared by an Independent Expert (the “Independent Actuary’s Report”), the Independent Actuary Report and other relevant information is also available for inspection (and collection) during normal business hours on any weekday (Monday to Friday except public holidays) in Guernsey until 23 September 2022 at the offices of UW, Utmost House, Hirzel Street, St Peter Port, Guernsey, Channel Islands, GY1 4PA and at the offices of UW’s Guernsey Advocates, Carey Olsen (Guernsey) LLP, Carey House, Les Banques, St Peter Port, GY1 4BZ and in Ireland until 15 September 2022 at the offices of QII, Ashford House, 18-23 Tara Street, Dublin, Ireland, 2 D02 VX67; and at the offices of UPE, Navan Business Park, Navan, Meath, Ireland, C15 CCW8; and at the offices of our solicitors: Matheson LLP, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.
The date of the Sanctions Hearing to approve the QII Scheme in the High Court of Ireland is 20 September 2022. In the event that the Petition is opposed, it will be necessary, on 20 September 2022, to fix a new date for the hearing of the Petition on an opposed basis. The date to approve the UW Scheme and the QII Guernsey Scheme in the Royal Court of Guernsey is 23 September 2022.
The effective date of the transfers is proposed to be 30 September 2022, or such later date as set by the courts.
The outcome of the Sanctions Hearings will be posted on this webpage. There will not be a mailing out to policyholders.
Relevant documents and a description of same are summarised in the table below. Please review the documents by clicking on the links.
|Document name||Document Description||Link|
|Policyholder Circular||Referenced in the policyholder communications, containing a summary of the proposed transfer, a questions and answers section, a summary of the IA Report, the relevant legal notices and contact details for UPE and Quilter.||View Document|
|Filed Irish Petition and Irish Scheme||Request to the High Court of Ireland to proceed with the transfer process for the QII Scheme and the legal document that gives effect to the QII Scheme. It contains, amongst other information, what business will and will not transfer if the Irish High Court approves the QII Scheme.||View Document|
|Guernsey Application||Application to the Royal Court of Guernsey to sanction the transfer of the QII Guernsey Scheme and the UW Scheme.||View Document|
|UW Scheme||The legal document that gives effect to the UW Scheme. It contains the details of the proposed transfer of the Dutch Policies under the laws of Guernsey.||View Document|
|QII Guernsey Scheme||The legal document that gives effect to the QII Guernsey Scheme contains the details of the proposed transfer of the QII Guernsey Policies under the laws of Guernsey.||View Document|
|Filed Guernsey Application with Guernsey QII and Guernsey UW Schemes, appended.||Application to the Royal Court of Guernsey to proceed with the insurance business transfer process for the Guernsey QII and Guernsey UW Schemes and the legal documents that gives effect to the Schemes. The UW Scheme at appendix B, amongst other information, contains the details of the proposed transfer of the Dutch Policies under the laws of Guernsey.||View Document|
|Report of the Independent Actuary||Report of the Independent Actuary on the impact of the proposed schemes on QII and UW policyholders.||View Document|
|Summary of Report of the Independent Actuary||Summary of the above report.||View Document|
|Supplementary Report||Follow up report by the Independent Actuary for the Sanctions Hearings.||View Document|
|UPE HOAF Report||Report of the Head of Actuarial Function at UPE on the impact of the proposed schemes on policyholders.||View Document|
|QIID HOAF Report||Report of the Head of Actuarial Function at QII on the impact of the proposed schemes on QII policyholders.||View Document|
|UW HOAF Report||Report of the Head of Actuarial Function at UW on the impact of the proposed schemes on UW policyholders.||View Document|
|Policyholder Notification Letters||Letters sent to transferring QII and UW policyholders advising them of the schemes||View Document|
|Stamped Court Order Documents||To be posted here after the Sanctions Hearings if the schemes are approved.||View Document|
|Amended Irish Scheme||The Scheme has been amended by the parties, prior to submission for Sanction, in regards to the Transferring Contracts listed at Schedule 4 of the Scheme such that the contracts removed from the list will no longer transfer as part of the Scheme. This has no material effect on the Scheme.||View Document|
Please let us know if you would like to be provided with a copy of any of the above documents, and we will provide a copy free of charge.
Questions and Answers
Please click on the link below to read commonly asked questions and answers.
How to object
The notification letters, Policyholder Circular and this webpage are for information purposes, and if, having read the transfer documents, you are happy with our proposals, you are not required to take any action. If you wish to raise any objection to the proposals, details of how to do this are given in Section 3 – Question 10 of the Policyholder Circular, please use the link below.
If you would like to contact us about the proposed transfers, please use the contact details in the following link.