Notice of Intention to Apply to the Federal Court OF AUSTRALIA for Confirmation of Scheme under Division 3A of Part III of the Insurance Act 1973 (CTH) TO TRANSFER THE INSURANCE BUSINESS OF W. R. BERKLEY INSURANCE (EUROPE), lIMITED (aUSTRALIAN BRANCH) TO BERKLEY INSURANCE COMPANY (AUSTRALIAN BRANCH)
Notice is given that W. R. BERKLEY INSURANCE (EUROPE), lIMITED ABN 81 126 483 681 (W. R. Berkley) proposes to make an application to the Federal Court of Australia seeking confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) to transfer all of the insurance business of the Australian branch of W. R. Berkley to the Australian branch of Berkley Insurance Company ABN 53 126 559 706 (Berkley Insurance).
Each of W. R. Berkley and Berkley Insurance is part of an international insurance group headed by W. R. Berkley Corporation. The scheme is being undertaken as part of a business reorganisation within the group.
As a consequence of the scheme, Berkley Insurance will be substituted for W. R. Berkley under policies issued or underwritten by W. R. Berkley.
The date fixed for the hearing of the application is 27 June 2016 at 10:15am or on such other date as the Court appoints. The hearing will be held at the New South Wales Registry of the Federal Court of Australia which is located at the Law Courts Building, Queens Square, Sydney NSW 2000.
Any policyholder who may be affected by the scheme can ask to be heard by the Court on the application for the confirmation of the scheme.
In order to assist you in assessing whether you may be an affected policyholder of W. R. Berkley, please note the following in relation to the insurance business conducted by W. R. Berkley in Australia:
a) W. R. Berkley distributes its general insurance products only through insurance brokers and does not issue policies of insurance directly to the public;
b) Brokers offer W. R. Berkley insurance products via industry and trade associations, and business groups where products may be marketed under the name of such organisations;
c) Brokers offer W. R. Berkley insurance products via work-place and professional organisations and where the insurance cover is provided to members as part of the membership of such organisations;
d) W. R. Berkley’s insurance products include a range of public and product liability, professional indemnity, medical malpractice and management liability insurance covers.
If you have a policy of the above kind arranged through a broker, we recommend that you check whether W. R. Berkley is the insurer to determine if you may be an affected policyholder.
It is important that policyholders affected by the scheme take notice of the scheme and consider whether they wish to attend the hearing. If a policyholder wishes to be heard at the hearing, it would assist if you let Dean Carrigan of Clyde & Co Australia know (by phone: (02) 9210 4400 or email: Dean.Carrigan@clydeco.com) at least 3 days before the date fixed for the hearing.
Copies of this notice, the scheme, a summary of the scheme and the actuarial report upon which the Scheme is based are accessible on www.berkleyinaus.com.au. Copies of the scheme and the actuarial report will also be available for inspection by affected policyholders between 25 May 2016 to 16 June 2016 (inclusive), between 9:00am and 5:00pm (local time) Monday to Friday (other than public holidays) at the following addresses:
New South Wales Clyde & Co Australia | South Australia Ernst & Young |
Victoria Clyde & Co Australia | Tasmania WLF Accounting & Advisory |
Queensland Clyde & Co Australia | Australian Capital Territory Ernst & Young |
Western Australia Clyde & Co Australia
| Northern Territory Merit Partners |
A policyholder affected by the scheme may also obtain a copy of the scheme free of charge by contacting Mr Chris Flanagan, Regional Compliance Officer, Berkley Insurance by calling (02) 8117 2143.
If a policyholder has any questions in relation to the scheme or any information contained in this notice, please contact Mr Chris Flanagan, Regional Compliance Officer, Berkley Insurance by calling (02) 8117 2143.