Transfer of the insurance portfolio to Skandia Leben (FL) AG
– The Liechtenstein Financial Market Authority has ordered the transfer of the insurance portfolios of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft to Skandia Leben (FL) AG. The order comes into force with immediate effect. Further information can be found in the media release of the supervisory authority www.fma-li.li
Skandia Leben immediately started to take over the life insurance portfolios in question and is consistently implementing them in accordance with the official requirements. It works closely with the existing cooperation partners (brokers, banks, asset managers, trustees) of Valorlife and Wealth-Assurance. The transfer of the policies to a new risk carrier does not materially change anything for the policyholders. The new address for inquiries is as follows:
Skandia Leben (FL) AG
Phone: +423 239 30 96
The existing contracts remain in force unchanged. Since Skandia Leben will also take over a large proportion of the employees of Valorlife and Wealth-Assurance, customers and sales partners will continue to have practically all the familiar contacts at their disposal. Further information on the transfer of insurance portfolios can be found below.
Why does the FMA order the transfer of policies to Skandia Leben (FL)?
The FMA justifies this step with the disregard of supervisory requirements for the protection of clients. Further information can be found in the media release of the supervisory authority www.fma-li.li
What qualifies Skandia Leben (FL) to underwrite policies?
The insurance group, to which Skandia Leben (FL) AG belongs, has already successfully taken over life insurance portfolios and companies on several occasions in the past, also and above all in unit-linked and PPLI (Private Placement Life Insurance) business. With Hannover Re SE as its shareholder, the third largest reinsurance company in the world, Skandia Leben (FL) AG has a strong shareholder base. It meets all requirements of the FMA (see FMA press release) and was also able and willing to increase its risk-bearing capital by CHF 20 million to CHF 34 million in order to secure insured claims.
What will change for customers as a result of the takeover?
Nothing will change for customers except that Skandia Leben (FL) will become the new pension partner by assuming all obligations under existing contracts. There is also a high degree of continuity in customer service. In addition to policies, Skandia Leben will also take over the majority of the employees of existing providers. There are also plans to continue working with the current business partners of Valorlife and Wealth-Assurance on the part of brokers, custodian banks, asset managers and trustees.
Do the customers have to participate in the change, or do you have a choice?
The transfer of the portfolio to Skandia Leben (FL) does not give rise to any special right of termination for customers. The previous rights and obligations of the contracting parties remain in force on both sides. Therefore, there are no new contract or policy documents. The previous policy documents remain fully valid.
Who is behind Skandia Leben (FL) and why is a name change planned?
Skandia Leben (FL) is a subsidiary of Inlife Holding Schweiz, in which Hannover Re SE, the third largest reinsurer in the world, also has a stake. Skandia Leben is financially very healthy and intends to further expand its insurance business and plans to re-brand shortly. Clients and business partners will be informed in detail at the appropriate time about the following.