ECRA HANOVER INSURANCE COMPANY - INSURANCE BUSINESS TRANSFER

The Hanover Insurance Company – ECRA Insurance Business Transfer

 

The Insurance Business Transfer (IBT) of a portfolio of The Hanover Insurance Company (“Hanover”) reinsurance policies to National Legacy Insurance Company (“NLIC”) a wholly-owned subsidiary of R&Q Insurance Holdings Ltd, was approved by the Oklahoma Insurance Commissioner on August 8, 2023. The transfer was approved under the Insurance Business Transfer Act (36.O.S. 1681-1688) (“The IBT Act”). The policies relate to Hanover’s involvement as a member of the Excess & Casualty Reinsurance Association pool (“ECRA”).

Modelled on the successful Part VII transfer process in the UK and EU, Oklahoma’s IBT legislation provides a mechanism for insurers to legally transfer reinsurance business to another insurance company following consultation with stakeholders and a Court hearing. Below are links to all documents included with the petition seeking judicial approval. The petition was filed with the Court on August 25, 2023.

Please refer to the attached documents for further information:

Approval Order from the Oklahoma Insurance Department

IBT Plan

• Appendix A Part I – Hanover Annual Financial Statement
• Appendix A Part II – Hanover Quarterly Financial Statement
• Appendix A Part III – Hanover Audited Financial Statement
• Appendix B Part I – NLIC Exemption from Audited Financial Statement
• Appendix B Part II – NLIC Annual Financial Statement
• Appendix B Part III – NLIC Quarterly Financial Statement
• Appendix D – Pro-Forma
• Appendix E – Hanover Secretary Certificate and Board Approval
• Appendix F – NLIC Secretary Certificate and Board Approval
• Appendix G Part I – Form of Notice – Mailing Letter
• Appendix G Part II – Form of Notice – Newspaper Publication
• Appendix H – Communications Plan
• Appendix I – New Hampshire Non-Disapproval Letter
• Appendix J – Independent Expert Report

 

Mailed Notice

Queries or questions can be sent to:

R&Q Insurance Holdings Ltd, 71 Fenchurch Street, London EC3M 4BS, United Kingdom (Ref: Sunny Dhinsey) or by emailing hanover-ibt@rqih.com or by calling 0808 196 5091 UK toll free.

R&Q Insurance Holdings Ltd, One Logan Square, Suite 320, Philadelphia, PA 19103, USA (Ref: Abby Holmes) or by emailing hanover-ibt@rqih.com or by calling 877-514-3542 US toll free.

The Hanover Insurance Company, 440 Lincoln Street, N435, Worcester, MA 01635, USA or by calling 800-446-8379 US toll free.