Standard Club has merged with North to form NorthStandard. Find out more about NorthStandard here or continue on this site to access industry news, publications and expertise, as well as club rules and contacts.
Strike Insurance Europe Transfer
Written by
Over the last few years, Standard Club has grown the underwriting and business development of the former Strike Club and changed its operational and cost structures to make them more efficient.
The Shipowners' Mutual Strike...
Over the last few years, Standard Club has grown the underwriting and business development of the former Strike Club and changed its operational and cost structures to make them more efficient.
The Shipowners' Mutual Strike Insurance Association Europe (‘SIE’) became part of the Standard Club group with effect from 1 February 2019 following approvals by members in general meetings.
SIE ceased underwriting on 20 February 2020 and SIE has continued to meet its obligations to members insured for the 2019/20 and earlier policy years, with Standard Reinsurance (Bermuda) Ltd supporting it as quota share reinsurer. From 21 February 2020, former SIE members have been able to buy strike & delay and war risks insurance from other insurers in the Standard Club group.
SIE is presently seeking approval from Luxembourg and Irish insurance regulators to transfer its insurance obligations to The Standard Club Ireland DAC (‘Standard Ireland’). Standard Ireland, like Standard Reinsurance (Bermuda) Ltd, has a published “A” financial strength rating from the financial rating agency Standard & Poor’s. Following a successful transfer of its obligations to Standard Ireland, the individuals and teams currently handling claims for former SIE members will continue to undertake that work on behalf of Standard Ireland, and SIE will be liquidated.
As part of this process, SIE and Standard Ireland are publishing notices along the lines set out below in various official gazettes and newspapers.
TRANSFER OF INSURANCE RIGHTS AND OBLIGATIONS
The Shipowners' Mutual Strike Insurance Association Europe, established at BP 2217, L-1022 Luxembourg, hereby informs interested parties that it is transferring its rights and obligations under or pursuant to contracts of non-life insurance to The Standard Club Ireland DAC, established at Fitzwilliam Hall, Fitzwilliam Place, Dublin 2, DO2 T292, Ireland.
The transfer referred to above relates to all non-life insurance contracts that belong or have belonged to the non-life insurance business carried on by The Shipowners' Mutual Strike Insurance Association Europe, BP 2217, L-1022 Luxembourg.
The transfer will become effective for all stakeholders with effect from the date the transfer is approved by the Luxembourg insurance regulator, the Commissariat aux Assurances.
Category: Strike & Delay