We are restructuring the Allianz UK group to make things simpler. Instead of having five separate insurers, we propose to have all operations and customer interactions be managed by one regulated insurer, Allianz. This change ensures we continue to provide the best service to our customers.

FIL stopped issuing new insurance policies after 31 March, 2023, and TIL ceased issuing new policies in 2006. We believe it's in the best interest of policyholders, including those with claims and beneficiaries, to transfer all remaining insurance business to Allianz, an active insurance company. This means policies from LV=, FIL, TIL, and HICO will continue to be managed effectively, and claims will be paid by Allianz.

Additionally, the transfer of certain LVGIG assets and liabilities to AMSL will ensure that services related to Allianz’s business lines and policies, including those acquired through this restructuring, are streamlined under one service company instead of two.

Rest assured, there will be no changes to the terms and conditions of any policy included in this transfer.

The transfer will be implemented under Part VII of the Financial Services and Markets Act 2000. It is therefore known as a “Part VII Scheme”. 

A Part VII Scheme is a transfer mechanism for the transfer of insurance business from one insurer to another under that legislation. It allows for the transfer of a large number of separate legal relationships with policyholders and others to be made under the scheme rather than requiring individual policyholder consent. The scheme is subject to regulatory and court scrutiny intended to make sure that any potential adverse effects of the scheme are identified, and those persons adversely affected are given the opportunity to make representations.

We are required by law to adhere to a strict process that includes several key steps which have now been completed, including:

• appointing an Independent Expert to prepare a report on the proposed transfer which will include an assessment of the impact on policyholders;
• consulting with our regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA);
• providing our customers and certain other interested parties with information regarding the proposed transfer and their right to object to it; and
• seeking approval for the proposed transfer from the High Court and the Jersey Court.

A copy of the Independent Expert’s report is available in the  important documents section below. A summary of the report is also included in the Transfer Guide available in the important documents section below.

This was an additional court process for the transfer of policies which are part of the business of FIL, HICO, and LVIC carried on in or from within Jersey, (the “Jersey Scheme”). 

The Jersey Scheme took place in Jersey under the Insurance Business (Jersey) Law 1996 in respect of LVIC, FIL, HICO and Allianz, who are regulated in Jersey.

The terms of the Jersey Scheme are very similar to the Part VII Scheme, except that: 

• TIL is not a Transferor under the Jersey Scheme, as it has not carried on any business to transfer under the Jersey Scheme since approximately 2006.
• The Jersey Scheme will not operate to transfer any LVGIG assets and liabilities.
• The relevant court is the Jersey Court, rather than the High Court.
• The relevant regulator is the Jersey Financial Services Commission (JFSC) rather than the PRA or FCA.
• The governing law is Jersey law, rather than English law.
• The full Jersey Scheme document is available below.

As with the Part VII Scheme, the Jersey Scheme allows for the transfer of a large number of separate legal relationships with policyholders and others to be made under the scheme rather than requiring individual policyholder consent. The Jersey Scheme was also subject to regulatory and court scrutiny intended to make sure that any potential adverse effects of the scheme are identified, and those persons adversely affected were given the opportunity to make representations.

We want to reassure you that your cover and service will stay the same. You'll still be able to contact us as you do now and you’ll receive the same high level of care you do today. If you don’t have any questions or concerns, you don’t need to take any further action. 

In particular:

• There’ll be no change to your policy information. Your policy number, benefits, premiums, policy conditions and contact details are not impacted by the transfer.  You don’t need to do anything.
• Claims will still be handled the same way and will remain unaffected by the transfer. From 1 January 2027 Allianz will be responsible for your claim.
• Complaints will remain unaffected by the transfer. From 1 January 2027 Allianz will be responsible for your complaint. 
• The transfer will not affect customer service levels, ensuring that policyholders continue to receive the same high standard of support and assistance they have come to expect.
• Policyholders will continue to be financially protected and there will be no capital or material impact on their policies as a result of the proposed transfer, ensuring stability and security in their coverage,
• Your policy will transfer to Allianz on 1 January 2027. From 1 January 2027 Allianz will be responsible for your policy.

• Premium payments – If you’re an existing customer and you have an automatic card payment set up there won’t be a bank reference change. If you pay by Direct Debit, you may notice a reference change on your bank statement after the transfer. This update will happen automatically, so there’s no need to contact us with your bank details. If you no longer have a policy, we will not be collecting payments.
• If you're an existing customer and you pay your broker or intermediary directly, the process won't change.
• Allianz will also become the ‘data controller’ of your personal data, meaning that it will take over the rights and responsibilities under applicable data protection laws in respect of personal data which are associated with the transferring businesses.

The Transfer was subject to the approval of the High Court, and in Jersey, the Jersey Court, which considered whether the Transfer would materially adversely affect policyholders and other interested parties and if it was appropriate to allow the Transfer. 

On 1 January 2027 certain assets and liabilities of LVGIG will transfer to AMSL. This includes the rights and obligations under any LVGIG Contract, which will transfer to AMSL. 

• If you are currently a party to any LVGIG Contract, you’ll subsequently become a counterparty of AMSL instead of LVGIG.
• The terms and scope of any services you are contracted to provide will not change as a result of the Scheme.
• However, the High Court approval of the scheme overrides any termination rights that you currently or may have under or in relation to the LVGIG contracts which may otherwise apply as a result of or in connection with the Scheme.
• The Transfer will not constitute a breach, default, or termination event, or give rise to any right to modify, acquire or claim any interest or right, under your LVGIG Contract.

Any payments you currently receive from a Transferor will instead come from AMSL. There will be no change to the amount you receive, or the date you receive any payments, as a result of the Transfer.

Under the Schemes, Allianz will become party to any intra-group and external third party reinsurance arrangements that the Transferors are currently party to, and these will continue to operate in the same way as they did before the Transfer, with Allianz replacing the relevant transferring company.

Where there are reinsurance agreements between Allianz and the Transferors on the date of the Transfer, these agreements will stop where they are not needed.