TO THE MEMBERS AND THEIR BROKERS

We informed you in 2020 and 2021 about TT Club’s arrangements to provide continuity of product and service to EEA policyholders following the United Kingdom’s (“UK”) departure from the European Union (“EU”) on 31 January 2020. In response to the UK leaving the EU (“Brexit”) TT Club entered into a fronting agreement with the UK P&I Club N.V. (“UKNV”) that took effect on 1 January 2021 to provide service continuity to its policyholders with risks located in the EEA.

TT Club considered this an interim solution for a so called “hard” Brexit that could be unwound easily in case the UK would remain in or rejoin the EU Single Market. As this now appears to be unlikely, TT Club has decided to establish its own EU based subsidiary, incorporated in the Netherlands TT Club Mutual Insurance N.V. (“TTNV”). TTNV will insure the risks located in the EEA currently fronted by UKNV and 100% reinsured by TT Club Mutual Insurance Limited (“TTI”).

TTNV has received an insurance license from the Dutch regulator, De Nederlandsche Bank NV (“the DNB”) and will start writing insurance risks from 1 September 2024.

This circular provides information on the proposed changes and consequences for affected Members’ policies of insurance written before 1 September 2024.