ITIC Europe

ITIC Europe

Following the United Kingdom’s departure from the European Union in 2020 and the conclusion of the of the transition period on 31st December 2020, ITIC put in place arrangements to provide service continuity to its policyholders for risks located in the EEA.

With effect from 1st November 2019 all of ITIC’s EEA business has been written by UKNV, as a fronting insurer for ITIC. This business was then 100% reinsured back to ITIC.

ITIC considered this an interim solution for a so called “hard” Brexit that could be unwound easily in case the UK would remain in or rejoin the EU Single Market.

As this now appears to be unlikely ITIC has decided to establish its own EU based subsidiary, International Transport Intermediaries Insurance Company (Europe) Ltd (ITIICE), incorporated in Cyprus, to insure the risks located in the EEA currently fronted by UKNV.

ITIICE obtained regulatory approval from the Insurance Companies Control Service of the Cyprus Ministry of Finance in November 2023 and will begin underwriting on 14th February 2024.

2024 ITIC Europe Rules

Download the 2023 ITIC Europe Rule Book

The Rules form the basis of members' policies of insurance with ITIICE.

ITIC has established a subsidiary operation in Cyprus through which to underwrite its EEA business. That company, International Transport Intermediaries Insurance Company (Europe) Ltd, ITIICE, was incorporated in Cyprus on 11 September 2023.

Difference between ITIC Rules and ITIICE Rules

Please note the ITIICE Rules 2024 are completely based on the ITIC Rules 2024 and are intended to offer those insured by ITIICE the exact same level of cover to which members of ITIC have always benefited. ITIICE is a wholly owned subsidiary of ITIC and therefore logical amendments have been made to the ITIC Rules reflecting the new arrangement, to create the new ITIICE Rules. The following is a high level summary of the changes that have been made:

1. Where necessary references to Club are changed to mean ITIICE instead of ITIC;
2. “Articles of Association” now mean the Articles of ITIICE. ITIC’s Articles are “the ITIC Articles”;
3. “The Rules” mean the ITIICE Rules and ITIC’s Rules are defined as “the ITIC Rules”.  
4. The concept of “corporate membership” of ITIC has been introduced so that entities insured by ITIICE are also corporate members of ITIC; 
5. Part 8 “Cesser of Insurance” now additionally includes cesser of corporate membership;
6. References to “Directors” mean the Directors of the Club (ITIICE);
7. The address for service has changed from ITIC’s London address to ITIICE’s Cyprus address.

If your/your client’s current ITIC policy is subject to an earlier version of the ITIC Rules than the 2024 version, you/they are encouraged to review the 2024 Rule Amendment Explanation document here or the 2023 Rule Amendment Explanation document here.

If you or your client have any questions about these changes please ask your usual ITIC contact.