PROPOSAL IN RELATION TO A SCHEME OF ARRANGEMENT pursuant to Section 99 of the Companies Act 1981 of Bermuda between The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and its SCHEME CREDITORS (as defined in the Scheme of Arrangement) In an endeavour to ensure that insurance brokers are in a position to advise their clients as to the action they should take, a copy of this document has been sent to all brokers identified by The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (the "Company" or "UKB") and known to have placed business with or on behalf of the Company or to have had dealings with the Company. Further copies of this document can be obtained at the offices of Thomas Miller, 90 Fenchurch Street, London, England EC3M 4ST.
Bermuda Specimen Form of Proxy & Claims Form under letter - Club restructure - September 2012
31/07/2012
The action you should take is set out in the Notice. Whether or not you intend to be present at the Scheme Meeting, you are requested to complete and return the Claim Form and Form of Proxy enclosed with this document in accordance with the instructions and notes contained therein so as to arrive by 5:00 pm (Greenwich Mean Time) on 23 October 2012. Claim Forms and Forms of Proxy may also be handed to the Chairman at the place of the Scheme Meeting before the commencement of the Scheme Meeting.
This letter is being sent to in your capacity as a member of the International Group of P&I Associations (the 'International Group') and as a signatory to the International Group Pooling Agreement (the 'Pooling Agreement'). UKB and UKE are both signatories to the Pooling Agreement.
Section 109 of the Financial Services and Markets Act 2000 ('FSMA') requires that a scheme report must accompany an application to the High Court of England and Wales ('the Court') to approve an insurance business transfer scheme. This scheme report should be produced by a suitably qualified independent person (the 'Independent Expert') who has been nominated or approved by the Financial Services Authority ('FSA'). The scheme report should address the question of whether any policyholders impacted by the insurance business transfer are adversely affected to a material extent.
We are writing to you to inform you of the proposed transfer of the insurance and reinsurance business of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited ('UKB') to The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited ('UKE'). UKB and UKE are together referred to herein as the 'Club'.
This letter is being sent to you as the Club has identified you as a reinsurer of UKB and/or UKE or a broker of such reinsurer.
Claim no. 5279 of 2012 in the High Court of Justice Chancery Division Companies Court in the matter of Part VII of the Financial Services and Markets Act 2000 and in the matter of: (1) The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (2) The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited
2012 Financial Statements in full
27/07/2012
The complete financial statements of the UK Club are being mailed to Members and brokers on Monday 30th July.
The United States Office of Foreign Assets Control regularly issues listings of all the ships, companies & individuals with whom trading would result in a breach of sanctions. Known as the Specially Designated Persons (SDN) list it now runs to some 540 pages of closely typed text. These lists are continually updated so the online search facility makes identifying such proscribed companies, individuals or ships a much more convenient task.
Additional US sanctions on Iranian companies, including shipping organisations - July 12 2012
16/07/2012
This US Treasury press release and attached papers explains how the United States is imposing additional sanctions on Iran's nuclear and ballistic missile proliferation networks. It is also taking additional steps to prevent the evasion of sanctions by publicly identifying a group of Iranian front companies and banks designating 11 entities and four individuals under Executive Order 13382.
From the 27th July to 12th August, London's hosting of the Olympics will have a significant impact on travel and transport infrastructure. The Paralympics which runs from 29th August to 9th September will also cause interruption and congestion to business travellers arriving in the capital. We have collated some key materials provided by the Olympic organisers to help you plan any London visits to avoid unnecessary delays or problems.
2012 Insight programme released
05/07/2012
The full programme for the four-day course "An Insight into Transport Law and Insurance" has been published on our website. Members of the UK P&I Club who attend this course benefit from a significant discount on the regular price, effectively supplying delegate places at cost. The Insight course which runs from Tuesday 2nd to Friday 5th October this year is aimed at executives and managerial staff either in the early stages of their careers or without specialist insurance and claims experience.
London Olympics Road Freight Guidance
30/06/2012
A Powerpoint presentation by Transport for London giving detailed guidance on the changes to road use and access during the course of the torch relay and London Olympics and Paralympics
The Club has become aware of a string of cases of poorly secured dangerous goods, more specifically, Sulphur being exported from St. Petersburg, Russia. This has led to two other related shipments being stopped and inspected in two separate European ports.