Scheme Transfer of certain insurance business of the Australian branch of Great Lakes Insurance SE to Gordian RunOff Ltd
The Australian branch of Great Lakes Insurance SE, trading as Great Lakes Australia (GLA), intends to transfer certain general insurance portfolios to Gordian RunOff Ltd (Gordian), which specialises in the management of run-off insurance and is a wholly owned subsidiary of Enstar Group Ltd, by way of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth).
The portfolios proposed to be transferred are in 'run-off', meaning that GLA is no longer writing new business in relation to these portfolios but continues to manage previously written business until expiry.
The effective date of the transfer is proposed to be 30 June 2020, however the Scheme first requires confirmation by the Federal Court of Australia (the Court). Affected policyholders may request to be heard by the Court should they have grounds for believing the scheme may not be in the interests of policyholders view as a whole.
If you are a policyholder, a potential beneficiary, or have a current claim under a policy currently insured by GLA which is subject to the transfer, then you are an Affected Policyholder. Affected Policyholders are not required to take any action before or after the proposed transfer. However, if you are an Affected Policyholder who wishes to appear at the hearing, it would assist if you could first contact GLA's lawyer, Ms Rehana Box of Ashurst, Level 11, 5 Martin Place, Sydney NSW 2000, on (02) 9258 6407 before close of business on 23 June 2020. Your options for attending are:
- If it is lawful for you to do so given current Covid-19 restrictions in NSW, you may attend in person at the Federal Court, Court 1, Queens' Square, 184 Phillip Street, Sydney 2000.
- Alternatively, you may contact the Associate to the Chief Justice of the Federal Court on Associate.AllsopCJ@fedcourt.gov.au.
The Court will provide you with the details of how to appear via Microsoft Teams. If you would like to appear by Microsoft Teams but do not have access to Microsoft Teams, Ashurst can arrange access for you at its Sydney office by prior arrangement.
- Alternatively, to dial in and hear these proceedings, please contact the Associate to the Chief Justice of the Federal Court on Associate.AllsopCJ@fedcourt.gov.au prior to the hearing, and you will be provided with dial-in details.
As you will not be able to be seen using this method of attendance, you will not be able to appear before the Court and make submissions. Should you wish to appear, you will need to either attend using Microsoft Teams or attend the Court in person.
It is recommended that Affected Policyholders review the following documents, each of which can be accessed by clicking on the links below, to understand how the policies will be transferred from GLA to Gordian:
Please let us know if you would like to be provided with a copy of any of the above documents, and we will provide a copy free of charge.
If you would like to contact us about the proposed transfer then you may do so:
- by email at: email@example.com
- by post at: Attention: Shalaj Aggarwal, Great Lakes Australia, PO Box H35, Australia Square, New South Wales 1215.
- by telephoning: the GLA run-off portfolio transfer division at Munich Re Australia on 1300 307 066 (toll free Australia.)
GLA will endeavour to respond to your query the following business day after it is received by us.