Sompo Japan Nipponkoa Insurance Company of Europe Limited with its registered office at 1st Floor, 2 Minster Court, Mincing Lane, London EC3R 7BB, UK has transferred parts of its non-life insurance portfolio to SI Insurance (Europe), SA with its registered office at 40, Avenue Monterey, L-2163 Luxembourg, by way of a demerger and merger.
According to information from the British supervisory authority contracts held by policyholders in Austria are also affected.
Since according to information from the British supervisory authority a universal succession exists, termination rights do not exist for policyholders pursuant to Article 31 para. 4 of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016).