UK: Transfer schemes and Copenhagen Re: breaking new ground?

The recent case of Copenhagen Re was an application to the Court to sanction a scheme for the transfer of insurance business pursuant to Part VII Financial Services and Markets Act 2000. In the main, the Court's ruling is a restatement of the well-recognised grounds upon which the Court will exercise its discretion to sanction a transfer scheme. The ruling nevertheless goes further, in that it is the first occasion where the Court has had to consider how to deal with the effect of a transfer scheme upon guarantees given by the transferor's parent company in respect of policies written through the Institute of London Underwriters. For a detailed discussion of this case please continue reading.

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