On 31 March 2012, Pearl Assurance Limited (‘Pearl’) transferred its entire non-life insurance business to BA (GI) Limited (‘BA(GI)’), another subsidiary company of the Phoenix Group. This followed the High Court's approval of the transfer on 22 March 2012.

What this means for non-life policyholders/cedants of Pearl

Pearl had not written any new non-life insurance or reinsurance contracts since 2001, so the business was in run-off. This transfer is only relevant to policyholders who have an interest in the pre 2001 General Insurance Business of Pearl.

The life policies issued by Pearl are not affected.

On 31 March 2012, BA(GI) replaced Pearl as the insurer/reinsurer under each transferring non-life insurance/reinsurance contract for which Pearl was previously the insurer/reinsurer. Apart from this, the terms of such contracts will remain unchanged.

If a claim has been reported on a non-life policy with Pearl which was due to be handled by Pearl, this will continue to be dealt with by the same office and the same personnel on behalf of BA(GI).

If a new claim arises on a pre 2001 Pearl non-life policy this will be dealt with by the same office and the same personnel on behalf of BA(GI).

More detailed information is set out in the policyholder statement and documents below.

Policyholder statement

Summary of Scheme and Independent Expert's Report

Report of the Independent Expert

First supplementary report of the Independent Expert

Claim form

Second supplementary report of the Independent Expert

Final order and Scheme document