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About William Russell

For Brokers

Brexit is happening. William Russell is ready. Find out how we are protecting our customers here.

What Brexit means for your customers with an insurance plan from William Russell

Additional information on the contingency measures we have taken to protect your customers with an insurance plan from William Russell, should the United Kingdom leave the European Union without a deal.

The UK is leaving the European Union

 

Our health, life, and income protection plans, for both individual and business customers, are provided by William Russell Ltd. and insured by AWP Health & Life SA (an insurance company in France that is part of the Allianz group).

This arrangement is made possible by European Union (EU) Freedom of Services, one of the Four Freedoms of the European Single Market:

  • William Russell Ltd. is an insurance intermediary regulated by the Financial Conduct Authority in the UK. As a regulated company in an EU member state, we enjoy passporting rights that permit us to offer insurance plans to customers who are resident in other member states of the European Economic Area (EEA).
  • Similarly, AWP Health & Life SA enjoys passporting rights that permit it to insure customers in the UK and other member states of the EEA.

If the UK leaves the European Union without a withdrawal agreement or transitional period (i.e. a ‘Hard Brexit’ or ‘no-deal Brexit’), the Freedom of Services between the UK and other members states of the EEA will come to an end. Hence, the passporting rights previously enjoyed by William Russell Ltd. and AWP Health & Life SA will no longer apply.

Our new venture in Europe

 

We’ve established a subsidiary company in Belgium called William Russell Europe SRL, which is authorised and regulated by the Belgian Financial Services & Markets Authority. William Russell Europe SRL is a Managing General Agent of AWP Health & Life SA.

William Russell Europe SRL serves two purposes:

  1. If there is a Hard Brexit, we can continue distributing and administering health and protection insurance products to residents of EEA countries and around the world, and continue providing our high standards of customer service and care.
  1. A mechanism through which we can expand our portfolio of health and protection business throughout the EU.

What we are doing to protect your customers with a health plan who are resident in the UK

 

The Financial Conduct Authority in the UK has established a temporary arrangement that will permit insurance companies based in the EEA that previously enjoyed passporting rights into the UK to continue insuring customers in the UK after Brexit, provided those insurance companies have applied to the Financial Conduct Authority for authorisation.

This arrangement is known as the Temporary Permissions Regime (TPR). It’s intended to remain in place for three years whilst negotiations for a trade agreement between the UK and the EU take place.

AWP Health & Life SA, the insurer of our health plans, has decided not to enter the TPR for health insurance. However, its sister company, AWP P&C SA, which is also part of the Allianz group, has entered the TPR and has a branch in the UK (AWP P&C SA UK). AWP P&C SA UK has appropriate authorisations from the Financial Conduct Authority in the UK to insure customers with health plans who are resident in the UK after a Hard Brexit.

If your customer is resident in the UK, we have arranged for their health plan to be insured by AWP P&C SA UK from the renewal date stated on their Certificate of Insurance. This will be confirmed in your customers’ next renewal letter. Their coverage and the benefits of their plan will not change because of Brexit.

We will implement this contingency measure only if there is a Hard Brexit. If a withdrawal agreement is reached between the UK and the EU and passes successfully through the UK Houses of Parliament as legislation, or if an extension to Article 50 is agreed between the UK and EU, this measure will be unnecessary. That is, of course, unless and until there is a Hard Brexit at some later date.

What we are doing to protect your customers with a life or income protection plan who are resident in the UK

 

The financial services regulatory authorities in the UK have established a temporary arrangement that will permit insurance companies based in the EEA that previously enjoyed passporting rights into the UK to continue insuring customers in the UK after Brexit, provided those insurance companies have applied to the Prudential Regulatory Authority for authorisation.

This arrangement is known as the Temporary Permissions Regime (TPR). It’s intended to remain in place for three years whilst negotiations for a trade agreement between the UK and the EU take place.

AWP Health & Life SA has entered the TPR, for life and income protection insurance and has obtained the appropriate authorisations from the Prudential Regulatory Authority to continue insuring policyholders with life and income protection plans who are resident in the UK after Brexit. AWP Health & Life SA will therefore continue to be the insurer of your customers’ plans if there is a Hard Brexit.

What we are doing to protect your customers with a health plan who are resident outside the UK

 

From the renewal date stated on your customers’ Certificates of Insurance, the company details for William Russell will change from William Russell Ltd., based in the UK, to William Russell Europe SRL. This will be confirmed in your customers’ next renewal letters. Their coverage and the benefits of their plan will not change because of Brexit.

We will implement this contingency measure only if there is a Hard Brexit. If a withdrawal agreement is reached between the UK and the EU and passes successfully through the UK Houses of Parliament as legislation, or if an extension to Article 50 is agreed between the UK and EU, this measure will be unnecessary. That is, of course, unless and until there is a Hard Brexit at some later date.

What we are doing to protect your customers with a life or income protection plan around the world

 

AWP Health & Life SA, the insurer of our plans, has entered the TPR for protection business and has obtained the appropriate authorisations from the Prudential Regulatory Authority to continue insuring customers with life and income protection plans who are resident in the UK after Brexit.

No matter where your customers reside, and no matter what happens with Brexit, their plans will continue to be insured by AWP Health & Life SA. This will be confirmed in your customers’ next renewal letter. Their coverage and the benefits of their plan will not change because of Brexit.

Next steps

 

You do not need to take any action. We are providing this notice to let you know about our new company in Belgium and to keep you informed of the contingency measure we have taken to protect your customers. For customers who are resident in the UK, and whose insurer would change in the event of a Hard Brexit, we will contact them nearer the time when their plans are due for renewal.

If you have any questions about the contingency measures we have taken for Brexit, just give us a call or drop us an email.

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