Part VII Transfer
Pinnacle Insurance Plc (“Pinnacle”) has transferred its non-life and non-pet general insurance business to EIFlow Insurance Limited (“EIFlow”) (the “Transfer”). On 8 September 2023 Pinnacle entered into a Business Transfer Agreement with EIFlow agreeing to transfer certain policies to EIFlow via the Transfer. The Transfer included the motor business (including warranty and GAP) and household business.
Why did the Transfer happen ?
In June 2022 a transaction (the “Transaction”) was completed that resulted in Pinnacle being under new ownership. Pinnacle underwrites pet insurance cover on a “direct-to-consumers basis” as well as via aggregators (under Pinnacle’s own brands) and other distribution partners (on a white labelled basis) (the “Pet Business”). In addition, Pinnacle operated a non-pet business (which includes discontinued / run-off insurance business) in motor (including warranty and GAP), long-term business, credit (including mortgage and credit card protection and short-term income protection) and MGA motor and household lines. Following completion of the Transaction, Pinnacle’s strategy is to focus solely on the Pet Business. As such, Pinnacle decided to divest of all non-pet business. Accordingly, Pinnacle transferred its motor business (including warranty and GAP) and household business to EIFlow.
Further information about the Transfer process.
The Transfer was carried out in accordance with the UK Financial Services and Markets Act 2000. This required us to obtain approval from the High Court of England and Wales (the Court). An independent expert (the “Independent Expert”) was appointed to write a report for the Court (the “Independent Expert Report”). The Independent Expert assessed the impact of the Transfer and concluded that it will not materially adversely affect any group of Pinnacle or EIFlow policyholders.
Pinnacle and EIFlow consulted closely with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). There will be no change to the terms and conditions of any transferring policy or any policy of EIFlow. Pinnacle’s respective rights and obligations under policies comprised in the Transfer were transferred without alteration, to EIFlow. Any rights or obligations policyholders have under such policies remain unchanged, but following the Transfer, these rights or obligations are exercisable against or owed to EIFlow.
There is no change to the arrangements for policy and claims administration as a result of the Transfer. Valid claims will continue to be paid although the party liable to make payment will be EIFlow, rather than Pinnacle.
Key Dates
The Transfer took effect at 00:01 GMT on 31 December 2024 following approval by the Court. The Court hearing took place on 9 December 2024 at the High Court of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom.
Important Documentation
More information on the Transfer can be found in the following documents:
- Part VII Sanction Order
- The legal notice setting out the details of the Court hearing for the Transfer
- The Independent Expert Report
- A summary of the Independent Expert Report
- The Independent Expert Supplementary Report
- The Scheme Document
- A summary of the Scheme document
- A “Question and Answer” booklet
- The form of letter to transferring policyholders
If you require hard copies of the documentation included on this website, please contact us using the details set out above.
Further information
Should you require any further information or if you have any questions about the Transfer then please contact us. You can:
- Contact us by telephone at +44 (0)800 731 7001. (open 09:00-17:30 London time on weekdays); When calling the helpline number outside of these hours, please leave a short message stating the nature of your query and your contact details and we will endeavour to return your call within 48 hours (excluding Saturdays, Sundays and public holidays);
- or write to us at:
Business Transfer Department
Pinnacle Insurance Plc
Pinnacle House,
A1 Barnet Way,
Borehamwood,
Hertfordshire
WD6 2XX
United Kingdom
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Contact Information
Telephone: 0800 731 7001 - Or E-mail us at: PinnaclePart7@bnpparibascardif.co.uk
If you have any general questions about your policy or a claim in respect of your policy, please call your usual contact in relation to the policy or claim.