ITIC circular: Brexit update October 2019
TO ALL MEMBERS AND BROKERS
ITIC is now writing EU policies via a fronting arrangement
In April 2019 we set out the arrangements that were being made to ensure that ITIC could continue to provide its cover in the EU once Brexit had been finalised.
In summary, the arrangements are for ITIC to be fronted by a subsidiary of another insurance business managed by Thomas Miller, established for this purpose in the Netherlands. We advised that we would wait until the date that Brexit was finalised but that has proved impossible to judge. As such, we have taken the view that, as the system to underwrite in the EU is in place, we will start to use the fronting arrangement with immediate effect for any quote or renewal from 1st November 2019.
The first two renewals have been issued for policies that fell on or after 1st November 2019 via the fronting company last week. All EU members (and not those within the United Kingdom) will now be renewed on EU fronted policies as and when those renewals become due.
We will work closely with the fronting company, UK P&I N.V, to ensure that claims, underwriting and servicing matters are handled effectively. You will still communicate with us in London as you have done in the past and we will liaise with the EU underwriter in Rotterdam.
ITIC and its managers remain fully committed to ensuring that ITIC’s European members continue to receive the high quality service to which they have become accustomed. That remains our priority during any potential transitional period to the post-Brexit arrangements and thereafter.
If you have any questions or comments on this circular, please direct these to your usual ITIC contact.
Chief Executive Officer
Brexit circular October 2019 (129 kB)