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ARTICLE · 30 APRIL 2012

A Guide To Merging Financial Businesses

Matheson
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As insurers continue to prepare themselves for the implementation of Solvency II, there has been a significant increase in the number of insurance portfolio transfers between insurance and reinsurance companies under the Assurance Companies Act 1909 and the Insurance Act 1989.

IrelandInsurance
Sharon Daly
Sharon Daly
Helen Noble
Helen Noble
Darren Maher
Darren Maher
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As insurers continue to prepare themselves for the implementation of Solvency II, there has been a significant increase in the number of insurance portfolio transfers between insurance and reinsurance companies under the Assurance Companies Act 1909 and the Insurance Act 1989.  The main reasoning for this appears to be an attempt by insurers to integrate their core insurance and reinsurance businesses and potentially to separate unwanted portfolios of business for future sale.

We have also seen an increase in non-insurance business transfers and mergers, for example, transfers to other European jurisdictions in conjunction with provisions implemented under the EC Mergers Directive.  In this article, we briefly discuss the process of transferring a book of Irish insurance business underwritten and the various methods of transferring or merging non-insurance businesses.

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