Thomond Insurance Company Limited – Transfer of Insurance Business

The general insurance business of Thomond Insurance Company Limited was transferred to Collingwood Insurance Company Limited on 31 March 2010 in accordance with Part II, Schedule 10 of the Financial Services (Insurance Companies) Act 1987. Approval for the transfer of business was received from the Financial Services Commission (FSC) in Gibraltar on 24th March 2010.

Information for Policyholders

What transferred?

All of the general insurance policies underwritten by Thomond since Thomond started as an insurance company in 2007. In addition, all the contracts of reinsurance and any other contracts that Thomond had in place to enable Thomond to carry on business as an insurance company.

All of the assets and liabilities and rights and obligations of Thomond also transferred to Collingwood at the same time.    

Why transfer?

The Companies agreed to the transfer to create a single larger and more streamlined insurance company benefiting from reduced costs whilst combining the skills and strengths of both insurers to offer a broader range of products to policyholders.

The transfer also allows Collingwood as a larger and stronger insurer to embrace the challenges facing the insurance industry with the introduction of Solvency II legislation in October 2012. 

When did the transfer take place?

The transfer took place at precisely midnight Gibraltar time on the 31 March 2010.

After the transfer was effected, Thomond surrendered its insurance licence to the FSC in Gibraltar at which point it ceased to conduct licensed insurance business.

What made the transfer be legitimate?

Having received the appropriate requisite regulatory authorisations and approval from the FSC, Thomond transferred their general insurance business to Collingwood. The transfer was effected by the execution of a “Portfolio Transfer Instrument” under the Laws of Gibraltar. The Instrument secured the continuation of the terms and conditions of the policies, and the rights and obligations of the policyholders. Therefore, any legal proceedings commenced by or against Thomond is continued by or against Collingwood and as from the effective date of the transfer, all policies are now underwritten by Collingwood.

How will the transfer affect policyholders or anyone with an interest in a Thomond policy?

All policies insured by Thomond transferred to Collingwood on the date of the transfer. The policies, schedules and certificates of insurance issued by Thomond continue after the effective date of the transfer and the terms and conditions of the insurance policies remain the same after the transfer. Premiums paid to Thomond will, after the effective date, become payable to Collingwood. The costs involved in the transfer were met by Thomond.

Claims previously handled by Thomond are now handled by Collingwood following the transfer. Any claims made by or against Thomond are now made by or against Collingwood. Any new claims after the effective date will be made against Collingwood and be handled by Collingwood in the same way they would have been handled by Thomond.

How to find out more about the transfer

For further information regarding the transfer, Thomond policyholders or anyone with an interest in a Thomond policy can review the documents relating to the transfer by clicking on them below.  

In summary

Thomond policyholders were not affected by the transfer of Thomond to Collingwood.

The policy cover and any endorsements or excesses that applied to the existing cover simply transferred to the new insurer (Collingwood) at midnight Gibraltar time on 31 March 2010 and are exactly the same as they were with Thomond.

Current Thomond policies, schedules and certificates of insurance remain legally valid and will be updated to show Collingwood as the insurer the next time that a change is made to the policy. This could be if a change is notified to Thomond before renewal date or at renewal whichever is the earlier.

Claims outstanding or ongoing at the date of transfer are unaffected. Thomond and Collingwood use the same service providers so claims will continue to be handled and dealt with by Collingwood in exactly the same way.

The telephone numbers and contact details in current policies and schedules transferred to Collingwood and can continue to be used to contact Collingwood to notify claims and complaints after the transfer.  

Transfer of Business Downloads

Notice of Transfer PDF (as published in the Gibraltar Gazette)
Statement of Particulars of Transfer PDF  
Portfolio Transfer Instrument PDF
Letter to Policyholders PDF
Approval From FSC PDF

Click here to go to the Collingwood Insurance Company Limited website