Part VII Transfer

Pinnacle Insurance Plc (“Pinnacle”) is proposing to transfer its non-life and non-pet general insurance business to EIFlow Insurance Limited (“EIFlow”) (the “Proposed Transfer”). On 8 September 2023 Pinnacle entered into a Business Transfer Agreement with EIFlow agreeing to transfer certain policies to EIFlow via the Proposed Transfer. The Proposed Transfer will include the motor business (including warranty and GAP) and household business.

Why is the Proposed Transfer happening?

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 operates 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 has decided to divest of all non-pet business. Accordingly, Pinnacle proposes to transfer its motor business (including warranty and GAP) and household business to EIFlow.

Further information about the Proposed Transfer process.

The Proposed Transfer must be carried out in accordance with the UK Financial Services and Markets Act 2000. This requires us to obtain approval from the High Court of England and Wales (the Court). An independent expert (the “Independent Expert”) has been appointed to write a report for the Court (the “Independent Expert Report”). The Independent Expert has assessed the impact of the Proposed Transfer and has concluded that it will not materially adversely affect any group of Pinnacle or EIFlow policyholders.

Pinnacle and EIFlow have consulted closely with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The PRA and the FCA are entitled to make their own representations to the Court and we expect them to do so. If approved by the Court, then 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 Proposed Transfer will be transferred, without alteration, to EIFlow. Any rights or obligations policyholders have under such policies will remain unchanged, but following the Proposed Transfer, these rights or obligations will be exercisable against or owed to EIFlow.

There will be no change to the arrangements for policy and claims administration as a result of the Proposed Transfer. Valid claims will continue to be paid although the party liable to make payment will be EIFlow, rather than Pinnacle.

Key Dates

The Proposed Transfer is expected to take effect at 00:01 GMT on 31 December 2024 if approved by the Court. The Court hearing is due to take place on 9 December 2024 at the High Court of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom. Any change to the date of the Court hearing or the date of the Proposed Transfer will be announced on this website.

Important Documentation

More information on the Proposed Transfer can be found in the following documents:

1. The legal notice setting out the details of the Court hearing for the Proposed Transfer
2. The Independent Expert Report
3. A summary of the Independent Expert Report
4. The Scheme Document
5. A summary of the Scheme document
6. A “Question and Answer” booklet
7. The form of letter to transferring policyholders

All updates and details about the progress of the Proposed Transfer, including the supplemental Independent Expert's report(s) that may be prepared prior to the Court hearing, will also be posted on this website. If you require hard copies of the documentation included on this website, please contact us using the details set out above.

How to make your views known

If you are comfortable with the Proposed Transfer and the information contained in the documentation listed above, you do not need to take any further action. However, if you have any concerns regarding the Proposed Transfer and how it may affect you, you have the right to make a written representation or objection to the Court or be heard at the Court hearing (in person or by legal representation).

You may also raise these concerns or objections with us in writing or over the telephone and we will make a record of your concerns and communicate these to the PRA, the FCA, the Independent Expert and the Court. Information on how you can contact us is provided below. Should you require any further information or if you have any questions or concerns about the Proposed Transfer or consider that you may be adversely affected then please contact us as soon as possible and preferably no later than 1 December 2024. 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
  
• 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.