Axis Specialty Europe Se (Australia Branch), in the matter of Axis Specialty Europe Se (Australia Branch) (No 2)

Axis Specialty Europe Se (Australia Branch) (transferor) applied to the Federal Court for confirmation of a scheme for the transfer of its insurance business to Swiss Re International Se (Australia Branch) (transferee). The transferor and transferee are Australian branches of foreign insurers. The application was made under section 17F of the Insurance Act 1973 (Cth). The court was required to determine whether the scheme was in the interests of policyholders, and whether the transferee would be able to meet its obligations under the transferred insurance business. The court considered the solvency position of the transferor and transferee, and the impact of the transfer on policyholders. The court found that the scheme was in the interests of policyholders, and that the transferee was able to meet its obligations under the transferred insurance business. The court confirmed the scheme in the form attached to the orders, and set the transfer date as 13 February 2017. The court also ordered that all outwards reinsurance to the extent referable to any contract transferred pursuant to the scheme be transferred from the transferor to the transferee. The transferor was ordered to pay the costs of the proceedings of APRA as agreed or assessed.