Transfer of Portfolio from Baltimore Insurance DAC to AIG Europe
Commercial general liability insurance policies held with Baltimore Insurance Designated Activity Company ("Baltimore") for the years 1996 to 2010 (the "Policies") were transferred to the Irish branch of AIG Europe Limited ("AIG Europe") on 4 May 2018 (the "Portfolio Transfer").
AIG Europe is an insurance company registered in England and Wales, with company number 1486260 and registered office address The AIG Building, 58 Fenchurch Street, London EC3M 4AB, United Kingdom. Its Irish branch (branch registration number 906664), having its registered branch office at 30 North Wall Quay, International Financial Services Centre, Dublin 1, Ireland. AIG Europe Limited is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated in Ireland by the Central Bank of Ireland for conduct of business.
AIG Europe Limited, a company incorporated in England and Wales (company number 01486260) whose registered address is The AIG Building, 58 Fenchurch Street, London EC3M 4AB, entering into these arrangements in respect of its Irish branch (branch registration number 906664), having its registered branch office at 30 North Wall Quay, International Financial Services Centre, Dublin 1, Ireland.
As a result of the Portfolio Transfer, Baltimore will have no further obligations under the Policies, all such obligations having transferred to AIG Europe. Completion of the Portfolio Transfer has been undertaken in accordance with Irish insurance law and regulation, and with the sanction of the High Court of Ireland.
In addition, we would draw your attention to the fact that to ensure that AIG has the most appropriate structure from which to serve clients and partners after Brexit, AIG Europe Limited is currently undertaking a restructuring which will have the effect of transferring the Policies to the Irish branch of AIG Europe S.A., another insurance company within the AIG Group, incorporated in Luxembourg and authorised by the Luxembourg Minister of Finance and subject to the supervision of the Commissariat aux Assurances. If approved, this transfer is expected to take effect on 1 December 2018.