This website provides information about the proposed transfer of the private medical insurance business of Aetna Insurance Company Limited (AICL) to AWP P&C SA (Allianz), an Allianz entity operating in the UK through its UK branch, AWP UK, under Part VII of the Financial Services and Markets Act 2000 (Transfer). 

The transferring portfolio comprises the following business: 

• All insurance policies underwritten by AICL, including any endorsements or amendments thereto, under which there is still potential liability for claims (excluding any policies written by AICL’s Singapore branch) 

• Reinsurance policies underwritten by AICL in respect of direct business written by certain fronting insurers (excluding any policies written by AICL’s Singapore branch); and 

• All corresponding insurance provisions and reserves 

Before the Transfer can proceed under Part VII of the Financial Services and Markets Act 2000 (“FSMA”), it will require the approval (known as “sanction”) of the High Court of England and Wales (the “UK Court”). If the UK Court sanctions the Transfer, those (re)insurance policies and liabilities in scope of the Transfer will automatically transfer to and become the responsibility of Allianz from the date on which the Transfer takes legal effect.

Under Part VII of FSMA, an Independent Expert must report on the effects of the Transfer on the policyholders and other interested parties. Brian Morrissey, a Fellow of the Society of Actuaries in Ireland, Fellow of the Institute and Faculty of Actuaries and a Fellow of Society of Actuaries in the US, of KPMG Ireland, has been appointed to provide this report for the Transfer (the “Report”) as an Independent Expert and his appointment has been approved by the Prudential Regulation Authority, following consultation with the Financial Conduct Authority. Brian Morrissey has prepared the Report and he has found that the proposed Transfer: 

• Will not materially adversely affect the security of benefits to the policyholders of either Aetna or Allianz; and 

• Will not materially adversely impact on service standards experienced by the policyholders of either Aetna or Allianz 

You will find the following information within the relevant sections of this website, to assist you with understanding what the Transfer means for you: 

Key Dates: The date on which the Sanction Hearing at the UK Court is expected to take place and the date on which the Transfer is intended to take legal effect. 

Documents: Copies of various documents relating to the Transfer, including the Notice setting out details of the court hearings, the Scheme document which sets out the terms of the Transfer, the Report of the Independent Expert and the information sent to interested parties with details of the Transfer. 

FAQs: Answers to questions you may have about the Transfer, including further details of the insurance business included under it, how the Transfer will take place, the effects of the Transfer (including the continuing administration of policies) and the role of the Independent Expert. Importantly, it also sets out your rights if you think you may be adversely affected by the Transfer or you object to the Transfer.  

If you have reviewed all the information and have no concerns about the Transfer, then you do not need to do anything else. 

This page contains the key dates for the business transfer 

Directions Hearing: 5 July 2023

Sanction Hearing: 27 October 2023 

High Court of Justice of England and Wales (High Court) 

The Rolls Building, Court [TBC] 

7 Rolls Building, Fetter Lane, London EC4A 1NL 

Effective Date of the Transfer: Expected to be 1 December 2023

• Scheme document

• Independent Expert Report 

• Summary of the Scheme

• Independent Expert Summary Report

• Independent Expert Supplementary Report for Sanction Hearing - when received

• Frequently Asked Questions

• Legal Notice

• Sealed Sanction Order - when received  

• Letter for Policyholders 

• Letter for Brokers 

• Letter for Healthcare Partners