On 31 July 2020, AmTrust International Underwriters DAC successfully transferred its Italian medical malpractice business (which includes any additional forms of coverage under medical malpractice policies) to AmTrust Assicurazioni S.p.A. in Italy (AA).
The Transfer was approved by the Irish High Court on 28 July 2020. A copy of the Court’s Order is available here.
The Court hearing is scheduled to take place at 2pm on 27 July 2020 at the High Court, The Four Courts, Inns Quay, Dublin 7, Ireland.
Independent Expert’s Supplementary Report
The purpose of the Supplementary Report is for the Independent Actuary to update the conclusions in his first Independent Expert Report (which you can find below) based on updated financial information and any new material or issues that have arisen, including Covid-19, since his first Report.
Revised Scheme Document
The Scheme Document has been updated to reflect the amended Scheme Effective Date of 31 July 2020.
*UPDATE* New Proposed Transfer Date
The Proposed Transfer is now proposed to take place on 31 July 2020 to allow for more time for AIU, AA and the Independent Actuary to consider the impact of COVID-19 on the Proposed Transfer. The Independent Actuary will consider this matter in a supplementary report to be published on this page in due course. As the Proposed Transfer was originally proposed to take place on 1 July 2020, the Scheme Document (attached below) and the Independent Expert’s report refer to the Proposed Transfer taking place on the 1 July 2020. An updated version of the Scheme Document reflecting the new proposed date of the transfer will be made available to the Court.
In light of current Irish government guidelines regarding COVID-19, please note that it is possible that the hearing may take place remotely via a teleconferencing service. It is requested if you intend on attending the hearing (whether in person or via your representative), you inform AIU or AA in writing (using the contact details set out below) as soon as possible and preferably before 20 July 2020. This will enable AIU and AA to provide any details necessary to attend the hearing if it is to be held remotely
AmTrust International Underwriters DAC (AIUD) is proposing to transfer its Italian medical malfeasance insurance business to AmTrust Assicurazioni S.p.A (AA) (the Proposed Transfer). Both AIUD and AA are part of the AmTrust group (the AmTrust Group).
The Proposed Transfer will have no effect on the terms and conditions of policyholders’ existing cover. AA will administer the transferring policies in line with the AmTrust Group’s current systems, policies and procedures and therefore in the same manner to as the administration currently undertaken by AIUD.
The Proposed Transfer shall be carried out by means of an insurance business transfer under Section 13 of the of the Assurance Companies Act 1909, Section 36 of the Insurance Act 1989 and Regulation 41 of the European Union (Insurance and Reinsurance) Regulations 2015. The Proposed Transfer will require approval from the Irish High Court (the Court). The legal process is explained further in the documentation listed below.
The Proposed Transfer is expected to take effect on 31 July 2020 if approved by the Court.
More information on the Proposed Transfer can be found in the following documents:
Background & Summary
The Scheme Document
Summary of the Scheme
Independent Expert Report
Summary of the Independent Expert Report
Frequently Asked Question (FAQ) Booklet
The summary documents are also available to view in Italian at www.amtrust.it
The Court hearing is scheduled to take place on 27 July 2020 at the High Court, The Four Courts, Inns Quay, Dublin 7. Any person who wishes to be heard on the hearing of the Proposed Transfer should notify AIUD’s solicitors, Matheson Solicitors, 70 Sir John Rogerson's Quay, Dublin 2 quoting reference DM/PR/CP 658088/61 (in writing) no later than 20 July 2020 of their intention to appear in Court and should indicate to the said solicitors whether such person or persons support or oppose the said Proposed Transfer and further should, by said time and date, file in court and furnish to AIUD’s solicitors such evidence by way of affidavit as is proposed to be relied upon at the hearing by such person.
Unless you have questions or concerns you do not need to contact anyone or take any further action. However, if you have any queries about the Proposed Transfer please contact your usual contact at AIUD or email firstname.lastname@example.org