Pearl Assurance Limited has not written any new non-life insurance or reinsurance contracts since 2001, the business is in run-off.

This is only relevant to policyholders who have an interest in the pre 2001 General Insurance Business of Pearl Assurance Limited.

The Life policies issued by Pearl Assurance Limited are not affected.

The Proposal

It is proposed that Pearl Assurance Limited (“Pearl”) will transfer its entire non-life insurance business to BA (GI) Limited (“BA(GI)”) (another subsidiary company of the Phoenix Group).

The transfer of the non-life insurance business of Pearl will be carried out under an insurance business transfer scheme (the “Scheme”). The Scheme can only enter into effect with the approval of the High Court under Part VII of the Financial Services and Markets Act 2000.

Pearl has made an application to the High Court for this order which is due to be heard by the Court on 22 March 2012. Provided the Court’s approval is obtained, the transfer is expected to become effective on 31 March 2012.

What this means for Non-Life Policyholders/Cedants of Pearl Assurance Limited

On the Scheme coming into effect, BA(GI) will replace Pearl as the insurer/reinsurer under each transferring non-life insurance/reinsurance contract for which Pearl is currently the insurer/reinsurer.
Apart from this, the terms of such contracts will remain unchanged.

If a claim has been reported on a non-life policy with Pearl which was due to be handled by Pearl, this will continue to be dealt with by the same office and the same personnel on behalf of BA(GI).

If a new claim arises on a pre 2001 Pearl non-life policy this will be dealt with by the same office and the same personnel on behalf of BA(GI).

Latest News
23 March 2012

On 22 March 2012 the High Court approved the Scheme with an effective date of 31 March 2012. A copy of the Final Order and Scheme are set out below.

More detailed information is set out in the Policyholder Statement and Scheme documents below.