Inceptum

3rd December 2025

Insurance Business Transfer (Part VII) Process

Important information regarding the proposed plans to transfer the entirety of the UK general insurance and reinsurance business of Inceptum Insurance Company Limited (“Inceptum“) to British Reserve Insurance Company Limited (“BRIC“) is set out and explained further below (the “Proposed Transfer“).

The Scheme

The Proposed Transfer will be implemented through an insurance business transfer under Part VII of the Financial Services and Markets Act 2000 (“FSMA“) (the “Scheme“). The High Court will consider the Proposed Transfer, and if thought fit, approve the Proposed Transfer.

Inceptum is regulated by the Prudential Regulation Authority (“PRA“) and the Financial Conduct Authority (“FCA“). In accordance with the Part VII process, the PRA and the FCA have been consulted throughout the design and planning of the transfer proposals.

Under Part VII of FSMA, an Independent Expert must report on the effects of the Proposed Transfer on the policyholders and other interested parties. Simon Sheaf, a Fellow of the Institute and Faculty of Actuaries and a Fellow of the Society of Actuaries in Ireland, of Grant Thornton UK Advisory & Tax LLP, has been appointed as Independent Expert to provide a report on the Transfer (the “Report“). Mr Sheaf’s appointment has been approved by the PRA following consultation with the FCA. Mr Sheaf has prepared the Report and has found that policyholders and other interested parties will not be materially adversely affected by the Proposed Transfer.

Copies of the Scheme, the Report and other related documents are available to download from the links provided on this page.

Timing and Sequence of Events