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The Standard Club Ireland DAC ('Standard Ireland') and The Shipowners' Mutual Strike Insurance Association Europe ('SIE')

News & Insights 26 January 2022

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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.

Ship smoke

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.

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 from 21 February 2020 former SIE members have been able to buy marine strike & delay insurance and marine war risks insurance from other insurers in the Standard Club group. 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.

SIE has now obtained approval from insurance regulators to transfer its insurance obligations to Dublin-based Standard Ireland which currently insures strike & delay and war risks and which, like Standard Reinsurance (Bermuda) Ltd, has a published “A” financial strength rating from the financial rating agency Standard & Poor’s. The plan now is that SIE will be liquidated. The effective date of this insurance portfolio transfer was 25 January 2022.

As part of this transfer process, SIE and/or 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, whose registered office is at 74 rue de Merl, L-2146 Luxembourg, hereby informs interested parties that it has on 25 January 2022 transferred its rights and obligations under or pursuant to contracts of non-life insurance to The Standard Club Ireland DAC, 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.

From 25 January 2022, claims handling for former SIE members will continue but within Standard Ireland.

If you have any questions about the insurance portfolio transfer, please do not hesitate to ask your usual Standard Club contact or alternatively:

Peter Bernie
Finance Director
The Standard Club Ireland DAC
Fitzwilliam Hall
Fitzwilliam Place
Dublin 2
DO2 T292
peter.bernie@standardclub.com
Telephone: +353 1574 1724

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