Transfer of business from TTI to TTNV
TT Club Mutual Insurance Limited (‘TTI’) proposes to transfer to TT Club BV (‘TTNV’) (a Dutch entity) all of its insurance and reinsurance business relating to policies insured by TTI where (i) any vessel the flag state of which is noted in the relevant policy as being an EEA state (other than the UK) and/or (ii) the relevant state of establishment of the policyholder is an EEA state (other than the UK) (‘European Business’) (‘Transfer’).
The Transfer is governed by a process under Part VII of the Financial Service UK Markets 2000 that enables insurance and reinsurance policies to be transferred between insurance entities. The Transfer will be effected by a scheme document, subject to approval by the High Court of Justice in England.
Source TT Club