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Case study 3:
Establishment of a new Reinsurance Co. in The Netherlands by way of a Part VII transfer

The challenge

A European based reinsurance company wanted to re-organise their operations by establishing a NewCo to take full advantage of the new Reinsurance Directive that was being introduced at the time allowing more business freedoms and possibly competitive advantage.

The process
  • LMD conducted a 2 week project feasibility study which led to a 10 month engagement to set up the NewCo in Holland.
  • A Part VII transfer was completed in the UK and a merger of the UK company and the Dutch branch under Dutch law.
  • An entirely new reinsurance operation was established in Amsterdam in purpose built offices with day 1 staff or around 15 FTE.
The outcome

The new reinsurance company is actively trading with a branch also in London. The firm has been able to take advantage of the EU Reinsurance Directive adopted by Holland by expanding coverage throughout Europe without the need for further authorisation.

The testimonial

"We knew that it was a big ask to complete the NewCo within 10 months especially as there were dependencies with the regulator, but LMD did a great job in completing on time." 

- Executive Project Sponsor.
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