Brexit and RiverStone UK Notice (“Notice”)
As a result of the UK’s decision to leave the European Union (Brexit), RiverStone Insurance (UK) Limited (RIUK), an English insurance company, will lose ‘passporting rights’ which presently permit RIUK to conduct cross-border business into the European Economic Area (EEA) without the requirement for additional licences. The timing of this will depend on whether a transitional period is agreed between the UK parliament and the EU27.
- policies taken out with RIUK by policyholders in the EEA cannot be renewed; and
- RIUK will be under the supervision of the UK’s Prudential Regulation Authority and Financial Conduct Authority but will not be under the supervision of any EU supervisory authority.
Despite the loss of passporting rights, RIUK is committed to continue paying valid claims to claimants, cedants and policyholders post Brexit wherever they are in the EEA. The loss of passporting rights therefore should not adversely or materially impact any claimants, cedants and policyholders in the future.
Contingency plans for RIUK
RIUK’s Brexit contingency plan, which was approved by its Board last year, is to seek to transferits affected existing EEA portfolio to a third party, which is duly licensed in an EU member state, by way of an insurance business transfer (Part VII Transfer). Details of the progress of this Part VII Transfer will be posted on this website.
RiverStone Managing Agency
In respect of insurance and reinsurance underwritten through Lloyd’s of London (Lloyd’s), RiverStone Managing Agency Limited, an English Lloyd’s of London managing agent is working with Lloyd’s and will follow their solution. Updates on Lloyd’s Brexit contingency plans can be found on the Information for Policyholders pages of the Lloyd’s website.
We will update this Notice as our plans progress over the coming months. If in the meantime you have any queries or concerns regarding this Notice, however, please do not hesitate to contact us here.