Strike Insurance Europe Transfer | Hellenic shipping messages worldwide

In recent years, Standard Club has expanded the underwriting and business development of the former Strike Club and made its operating and cost structures more efficient.

The Shipowners’ Mutual Strike Insurance Association Europe (‘SIE’) became part of the Standard Club group with effect from February 1, 2019 after approval by the members at the General Assemblies.

SIE ceased underwriting on February 20, 2020 and SIE has continued to honor its obligations to members who were insured for 2019/20 and earlier insurance years, with Standard Reinsurance (Bermuda) Ltd supporting them as quota reinsurer. From February 21, 2020, former SIE members can take out strike and default insurance as well as war risks with other insurers in the Standard Club Group.

SIE is currently seeking approval from the 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. Upon a successful transfer of their responsibilities to Standard Ireland, the individuals and teams currently handling claims for former SIE members will continue to do that work on Standard Ireland’s behalf and SIE will be wound up.

As part of this process, SIE and Standard Ireland publish notices in various official gazettes and newspapers in accordance with the guidelines set out below.

TRANSFER OF INSURANCE RIGHTS AND OBLIGATIONS

The Shipowners’ Mutual Strike Insurance Association Europe, based at BP 2217, L-1022 Luxembourg, hereby notifies interested parties that it is transferring their rights and obligations under or under non-life insurance contracts to The Standard Club Ireland DAC, based at Fitzwilliam Hall, Fitzwilliam Place, Dublin 2, DO2 T292, Ireland.

The above transfer applies to all non-life contracts that are or have been part of the non-life business operated by The Shipowners’ Mutual Strike Insurance Association Europe, BP 2217, L-1022 Luxembourg.

The transfer will take effect for all parties from the date on which the transfer is approved by the Luxembourg insurance regulator, the Commissariat aux Assurances.
Source: The Standard Club

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