Proposed transfer of business from ReAssure Life Limited to ReAssure
Following the acquisition of Guardian Assurance Limited in January 2016, and the subsequent rebranding of Guardian Assurance Limited to ReAssure Life Limited (RLL), we are now proposing to transfer RLL to ReAssure on 31 December 2016, under Part VII of the Financial Services & Markets Act 2000.
What does this mean for existing ReAssure customers?
There will be no changes to the terms and conditions of any existing ReAssure policies, nor will there be any changes to the way that ReAssure policies are administered, as a result of the transfer.
What does this mean for transferring ReAssure Life customers?
An information pack will be sent to ReAssure Life customers to explain about the transfer. This pack will contain:
- A covering letter
- Your questions answered about the transfer to ReAssure.
- Transferring to ReAssure.
If you haven’t yet received your pack, you can download the documents below.
What happens next?
Before the transfer can take place, we need approval from the High Court of England and Wales (High Court), and from the relevant courts in Jersey and Guernsey.
Court hearings are scheduled for 19 December 2016 in London, 22 December in Jersey and 16 December in Guernsey. If approval is granted it is intended that the transfer will take place at 23.59 GMT on 31 December 2016.
What do you need to do?
We’ve provided links below to a number of documents that give you more information about the scheme.
If you are a ReAssure policyholder, you may object to the transfer if you feel you would be disadvantaged if it goes ahead. If you have any concerns about these proposals then please contact the team dealing with this transfer by calling: 0800 072 0063 (+44 1253 599 180 from overseas), or writing to:
Part VII Team, ReAssure Life Limited, Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ.
If you have no concerns about the proposals then you do not need to do anything.
Related documents
View or download the following documents:
This is the legal document that sets out the terms of the transfer in the UK. A summary of the Scheme is provided in the Transferring to ReAssure booklet below.
This is the report from the Independent Expert, who was appointed to give his opinion on the likely effect of the proposal on policyholders. A summary of his report is provided in the Transferring to ReAssure booklet below.
This is an example of the covering letter from the transferring policyholders pack.
Your questions answered about the transfer to ReAssure
This booklet answers some questions about the transfer, and includes the Legal Notice (which sets out the details of the Court hearing).
This booklet includes a Summary of the Scheme and a Summary of the Independent Expert’s Report.
This is the legal document that sets out the terms of the transfer in Jersey. Page 8 of the Jersey Scheme refers to the UK Scheme which you can download above.
This sets out the details of the Jersey Court hearing.
This is the legal document that sets out the terms of the transfer in Guernsey. Page 8 of the Guernsey Scheme refers to the UK Scheme which you can download above.
This sets out the details of the Guernsey Court hearing.
Assuming the transfer is approved by the High Court, this version of the PPFM for the Guardian Assurance With-Profits Fund will take effect from 1 January 2017.
