Following the United Kingdom’s departure from the European Union in 2020 and the conclusion of the of the transition period on 31 December 2020, TTI put in place new arrangements to provide service continuity to its policyholders for risks located in the EEA.

With effect from 1 January 2021 all of TTI’s EEA business has been written by UKNV, as a fronting insurer for TTI. This business was then 100% reinsured back to TTI. In addition all of TTI’s 2020 and prior year policies for EEA risks were transferred to UKNV through a portfolio transfer under Part VII of the UK Markets Financial Services 2000 that took effect on 31 December 2021.

TTI considered this an interim solution for a so called “hard” Brexit that could be unwound easily in case the UK would remain in or rejoin the EU Single Market. As this now appears to be unlikely TTI has decided to establish its own EU based subsidiary, incorporated in the Netherlands, TTNV, to insure the risks located in the EEA currently fronted by UKNV. Consequently TTNV has submitted an insurance license application to the DNB.

UK P&I Club NV (‘UKNV’) proposes to transfer to TT Club Mutual Insurance NV (‘TTNV’) all of its insurance and inwards reinsurance business relating to TT risks for policies written before 1 September 2024 and EEA risks originally transferred from TT Club Mutual Insurance Limited (“TTI”) under Part VII of the UK Financial Services and Markets Acts 2000 (“the Transfer”).

A Transfer application has been made under Section 3:114 of the Dutch Financial Supervision Act (Wet op het financieel toezicht, "DFSA") to the Dutch regulator, De Nederlandsche Bank N.V. (“the DNB”).

There will be no material difference to your experience working with us. Your usual Club contact will remain the same, there will be no extra cost or complexity on your part and you will continue to communicate with us as you do already. You can expect the same excellent standard of service.

Your memberships rights will not change and the way you communicate with us and raise claims will also remain the same. 

No. On renewal, your TT Club policy will be fronted through TTNV. Claims will continue to be handled in the usual way by our experienced claims handlers and in line with EEA regulatory requirements.

No, you will not be asked to bear the costs of the Transfer.

No. You will continue to be a Member of the TT Club.

If you have any questions or comments, please direct these to your usual TT Club contact, who will be happy to assist. Alternatively, you can submit an enquiry on the TT Club website by submitting an enquiry on the "Contact us" page.

No, the fronted solution ensures the Club can continue to service its Members and their brokers without disruption. The TT Club will transact business with all brokers who satisfy the EEA's applicable legislation, Directive (EEA) 2016/97 (the Insurance Distribution Directive or "IDD"). Brokers themselves must ensure they comply with IDD.