We provide here a brief overview of the legal process as well as links to various important documents containing further information about the Proposed Transfer and Merger.  You may have already received some or all of this information by post, email or text.  If you require this information in another European language, please return to the Brexit homepage.

The legal process – what’s involved

The restructuring involves a Proposed Transfer and a Merger.  These will be carried out by way of a combined insurance business transfer (which is a process governed by Part VII of the Financial Services and Markets Act 2000) and a cross border merger (which is a process under the European Cross Border Merger Directive).  The combined process involves the UK courts and is subject to the approval of the High Court of England and Wales (the High Court). The combined legal process is explained further in the Letters below and in the FAQs.

If approved by the High Court, both the Proposed Transfer and the Merger are expected to take effect on 1 December 2018.

Jersey transfer

The Proposed Transfer will also include the transfer of all of our Jersey insurance business (the Jersey Transfer).  This will be carried out by way of a separate insurance business transfer (which is a process governed by the Insurance Business (Jersey) Law 1996).  This process involves the Jersey courts and is subject to the approval of the Royal Court of Jersey (the Royal Court).  The Jersey Transfer will only be effective if both the Royal Court and the High Court of England and Wales approve it.  If approved, the Jersey Transfer is expected to take effect at the same time as the Proposed Transfer and Merger on 1 December 2018.

If you as a Jersey policyholder have concerns regarding the Proposed Transfer and how it may affect you, you have the right to make a written representation to the High Court or be heard at the High Court hearing (in person or by legal representation). The High Court hearing is scheduled to take place on 18 October 2018 at the Rolls Building, Royal Courts of Justice, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL. 

In addition, if you have concerns regarding the Jersey Transfer and how it may affect you, you have a right to be heard at the Royal Court in person or by legal representation.  The Royal Court hearing is scheduled to take place on 12 November 2018 at 9.30am at the Royal Court House, Royal Square, St Helier, Jersey JE1 1JG.

You may also raise these concerns with us in writing or over the telephone and we will make a record of your concerns and communicate these to the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), the Independent Expert and the High Court. Information on how you can contact us is provided below.  Any concerns raised in relation to the Jersey Transfer will be communicated to the Jersey Financial Services Commission and the Royal Court.

 

Latest news

  • On 5 March 2018, the High Court gave its approval for AIG Europe Limited (AEL) to begin notifying policyholders about its intended restructure as a result of Brexit.

  • The Independent Expert has completed his supplemental report on the proposed transfer, which is provided
  • The Royal Court Hearing has been rescheduled and will now take place on 12 November 2018 at 9:30am at the Royal Court House, Royal Square, St. Helier, Jersey JE1 1JG

  • Latest News: On 25 October 2018 the High Court of England and Wales approved AIG Europe Limited’s proposed restructuring and consequently the Proposed Transfer and Merger shall take effect on 1 December 2018.  Further information is available on these pages, or alternatively please speak to your usual AIG contact.  Please note that the Brexit telephone helpline and email inbox are no longer monitored.

Important documents – Jersey Transfer

Please find below a number of key documents which provide important information about the Jersey Transfer.  Please refer to the separate section below for important documents relating to the wider Proposed Transfer and Merger (of which the Jersey Transfer is part).

Jersey specific notification letters

Below, you will find introductory information for various interested parties. 

 

Scheme Booklet and Frequently Asked Questions

The Scheme Booklet contains a summary of the scheme, a summary of an Independent Expert’s report on the impact of the restructure on policyholders, and the Legal Notice explaining when the Court will hear the final application for the Proposed Transfer and Merger.  The FAQ provides answers to a broad range of questions about the proposed restructure.  

Jersey Scheme Document

This document is the full Scheme of Transfer. It sets out the terms and conditions upon which AIG Europe Limited’s Jersey insurance business transfers to two newly authorised insurance companies within the AIG group.

 

Jersey Representation document

This document sets out the pleadings to the Jersey Royal Court, and the basis of the application to transfer the Jersey insurance business.

Important documents – UK Proposed Transfer and Merger

Notification Letters

Below, you will find introductory information for various interested parties. 

Scheme Document

This document is the full Scheme of Transfer. It sets out the terms and conditions upon which AIG Europe Limited’s insurance business transfers to two newly authorised insurance companies within the AIG group.

Independent Expert’s Report

This document is the full report of the Independent Expert. It addresses the impact of the Proposed Transfer on policyholders.  A summary of this report is provided within the Scheme Booklet linked above.  

Action required by you

If you do not have any concerns about the Proposed Transfer, or do not wish to raise an objection, no further action is required. 

If you have additional questions or concerns, or wish to raise an objection to the transfer, you may contact us in several ways: 

By post: Please send your letter to The Brexit Team, The AIG Building, 58 Fenchurch Street, London, EC3M 4AB.  

By email: aigbrexit@aig.com

By telephone: Please use the relevant number in the table below (available from early April 2018).  The phone lines will be open from 9.00am to 5.00pm, Monday to Friday, excluding public holidays. Please note that these lines are for queries relating to the Brexit restructure.  If your query or concern does not relate to the proposed restructure, but instead relates to normal policy matters such as a claim, renewal or policy administration, please use your usual AIG contact details.

 

The use of a landline is recommended as some mobile operators do not support the use of Freephone numbers, or may charge.

Origination Country

Toll Free Telephone Number

United States

8336454339

Malta

80062519

Liechtenstein

0800110061

Greece

0080044142187

Romania

0800400986

Croatia

0800988961

Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Iceland, Italy, Ireland, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom

00800 244 244 29