The United Kingdom (UK) left the European Union (EU) on 31st January 2020.

A “Transition Period” is now in place until 31st December 2020. During this period, the UK must comply with all EU rules and laws. Virtually nothing will change for businesses or for the public.

There will be changes after the “Transition Period” ends, whether or not an agreement is reached on the new relationship between the UK and the EU.

The UK and the EU continue to negotiate their new relationship. This includes agreeing on how companies in the EU will be able to do business in and with the UK after the transition period.

The new relationship will only become clear when the negotiations are complete.

Since the beginning of the Brexit process, we have been exploring several post-Brexit options as we have previously shared here. Unfortunately, these efforts have not come to any solid fruition.

Throughout the process, we have encountered many setbacks. We have walked away from several potential deals that did not meet our core values and strict underwriting strategy.

In light of the above obstacles, we have reached the tough decision to cease underwriting our EU business lines with effect from midnight 31st December 2020.

We are in contact with our own regulator, the Gibraltar Financial Services Commission and with the regulators in the EU states that CGICE operates in, to ensure a smooth and seamless run-off.

We can advise that Ireland, Norway, France and Italy have in place “Transitional” legislation or provisional legislation, which allows CGICE to continue servicing existing contracts, which includes managing the run-off of our books of business in the aforementioned jurisdictions. Spain is in the process of updating its legislation and guidelines.

In the meantime, and as always, our existing policyholders’ rights remain unaffected and administration of the policies during the policy term remains unchanged.

Policyholders should refer to the policy document for details on how to make a claim, a complaint, or any other enquiry regarding their policy.

Finally, we will continue to explore other options, that go beyond 2021, and it might be the case that CGICE returns to the EU market in late 2021.

Please see below for specific policyholder information for each EU territory: -

December 2020

Notice to Policy Holders

Casualty & General Insurance Company (Europe) Limited “CGICE” is an insurance company based in Gibraltar and regulated by the Gibraltar Financial Services Commission (“GFSC”).

In light of the UK leaving the EU on 31st January 2020 and the ending of the “Transitional Period” on the 31st December 2020 (with or without a deal), CGICE has implemented the following to ensure your rights as a policyholder and our obligations as your insurer continue after the end of the “Transitional Period” in each of the EU territories that we operate in and at all times subject to the relevant Brexit legislation of each EU territory.

Please see below for detailed information in respect of your country: -

The following only applies to residents of Ireland with a CGICE insurance policy.

Ireland has enacted into law the “Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019” to deal with Brexit.

In particular, Ireland has agreed a temporary permissions regime for all UK/Gibraltar companies, like CGICE, which will enable them to continue to operate in the Republic of Ireland post Brexit in a limited capacity for a limited timeframe. This is referred to as the “Temporary Run Off Regime” (“TRR”). The TRR comes into effect on the 1st January 2021 and is expected to run for a period of 3 years, which may be extended by the CBI.

CGICE will avail of the TRR once it is activated by the CBI on the 1st January 2021. Under the TRR, CGICE will be permitted by the CBI to continue administrating its existing run-off portfolio in order to ensure an orderly termination of our activities in the Republic of Ireland, and to ensure minimum disruption for our policyholders.

CGICE does not currently underwrite any new business in the Republic of Ireland.

If you have any queries in respect of your policy with CGICE, please do not hesitate to contact us.

The following only applies to residents of Norway with a CGICE insurance policy

The Norwegian Ministry of Justice & Public Security has enacted a regulation that states UK/Gibraltar insurance companies which had a license to write business in Norway on a freedom of services basis at the time of Brexit may still provide services to customers in Norway after the “Transition Period” ends however they cannot underwrite any new contracts.

CGICE meets the above criteria and therefore will be in a position to continue administrating its existing run-off portfolio in Norway in order to ensure an orderly termination of our activities in the Kingdom of Norway, and to ensure minimum disruption for our policyholders.

CGICE does not currently underwrite any new business in the Kingdom of Norway.

If you have any queries in respect of your policy with CGICE, please do not hesitate to contact us.

The following only applies to residents of Italy with a CGICE insurance policy

On 31st December 2020, the UK’s withdrawal from the European Union will be completed, therefore, as from 1st January 2021 UK insurance undertakings may no longer carry on business in Italy.

In particular, as from 1 January 2021: UK insurance undertakings may no longer commence new business or renew existing contracts in Italy; They are however required, even after 1 January, to ensure the regular execution of existing insurance contracts, guaranteeing the fulfilment of the contractual obligations, including the management of claims, payments, surrenders and withdrawals.

We would like to advise our policyholders in Italy of the following in respect of their rights and our obligations: -

• We hereby inform our policyholders that with effect from the final “Brexit Date”, 1st January 2021, that our policyholders who hold insurance contracts with CGICE, which have a duration period of longer than 12 months (1 Year), that they may cancel their insurance contract with CGICE. We will not make any additional charges for this cancellation; however, we request that this cancellation request must be made in writing for your protection;

• We hereby inform our policyholders that with effect from the final “Brexit Date”, 1st January 2021, we will not be able to renew any insurance contract and any “tacit renewal” clauses are no longer valid and will not be enforced;

• We hereby inform our policyholders that with effect from the final “Brexit Date”, 1st January 2021 CGICE cannot issue any requests for new premiums and shall not accept any new payments, unless the contract between you as the policyholder and CGICE as the insurer states that you are required to pay a premium under the current contract;

• We hereby confirm to our policyholders in Italy that CGICE will continue to fulfill our commitments to subscribers and beneficiaries of our insurance contracts and pay claims in a timely manner;

• For the avoidance of doubt, CGICE will cease underwriting new business in the Republic of Italy with effect from the 00:01 CET 1st January 2021.

If you have any queries in respect of your policy with CGICE, please do not hesitate to contact us.

The following only applies to residents of France with a CGICE insurance policy

The French government has enacted legislation in respect of Brexit; namely “Ordinance No. 2019-75” (the “Brexit Ordinance”).

We can advise that Casualty & General Insurance Company (Europe) Limited (‘CGICE’), as an insurance undertaking authorised and regulated by the Gibraltar Financial Services Commission and currently operating in the Republic of France under “Freedom of Establishment” is permitted by the Contrôle Prudentiel des Assurances, (“ACPR”) to benefit from the French Brexit Ordinance regime.

Further to the requirements of the Brexit Ordinance, we hereby inform our policyholders in France of the following in respect of their rights and our obligations: -

• That with effect from the final “Brexit Date”, 1st January 2021, that CGICE is operating in the Republic of France under the provisions of “Brexit Ordinance” for a “Transitional Period” only;

• We hereby inform our policyholders that with effect from the final “Brexit Date”, 1st January 2021, we cannot renew any insurance contract;

• We hereby inform our policyholders that with effect from the final “Brexit Date”, 1st January 2021, that CGICE cannot issue any requests for new premiums and shall not accept any new payments, unless the contract between you as the policyholder and CGICE as the insurer states that you are required to pay a premium;

• We hereby confirm to our policyholders in France that CGICE will continue to fulfill our commitments to subscribers and beneficiaries of our insurance contracts and pay claims in a timely manner

• We want to remind our policyholders in France that they may wish to review their insurance coverage with CGICE following the end of the Transitional Period and look into obtaining a new guarantee/ insurance contract from an EU authorised insurer;

If you have any queries in respect of your policy with CGICE, please do not hesitate to contact us.

The following only applies to residents of Spain with a CGICE insurance policy

• We can advise that Casualty & General Insurance Company (Europe) Limited (‘CGICE’), as an insurance undertaking authorised and regulated by the Gibraltar Financial Services Commission, is currently operating in the Kingdom of Spain under “Freedom of Services” legislation;

• This permission will terminate once the “Transitional Period” comes to an end on the 1st January 2021;

• Spain is in the process of updating its Brexit related legislation, and we await further information;

• In the interim we are guided by EIOPA’s recommendation and EU legislation and with this in mind we believe that our customers’ best interests are served by CGICE continuing to run-off existing policies including paying valid claims until the expiry of each policy;

• We will provide further updates to our Spanish policyholders in due course.

If you have any queries in respect of your policy with CGICE, please do not hesitate to contact us.