EA loses High Court challenge
The UK’s High Court has refused permission for Europ Assistance (EA) to apply for a judicial review of the Financial Ombudsman Service (FOS) decision in respect of coverage arising from the April 2010 Icelandic volcano eruption. A statement from the company to ITIJ read: “Clearly, we are disappointed as we believe the Volcanic Ash adjudication raised important issues in a matter that had implications for many policyholders as well as travel insurers generally. However, EA of course respects the court’s decision and will abide by the original determination of the FOS. Accordingly, EA is currently liaising with the FOS with regards to settling the claims of those policyholders who pursued complaints to the Ombudsman. We intend to settle such claims as promptly and efficiently as possible.” Some 300 travellers who had their claims put on hold while the case was awaiting a decision from the High Court are now likely to see their claims paid. Meanwhile, it has been announced that Europ Assistance Holding Limited will, subject to approval from the Financial Services Authority, become an independent entity offering the same range of assistance and related insurance services after an agreement was reached for a management buy out. The company will continue to offer full underwriting services against all existing lines of business and will retain access to Europ Assistance Group’s worldwide network. The firm will be managed by Patrick Leroy in the position of chief executive officer, while Tim Ablett takes on the role of company chairman. Leroy said: “I am delighted by the opportunity to lead the new organisation. The new structure will enable us to continue to support our existing clients and gives us the flexibility to develop new and innovative services.”
The UK’s High Court has refused permission for Europ Assistance (EA) to apply for a judicial review of the Financial Ombudsman Service (FOS) decision in respect of coverage arising from the April 2010 Icelandic volcano eruption. A statement from the company to ITIJ read: “Clearly, we are disappointed as we believe the Volcanic Ash adjudication raised important issues in a matter that had implications for many policyholders as well as travel insurers generally. However, EA of course respects the court’s decision and will abide by the original determination of the FOS. Accordingly, EA is currently liaising with the FOS with regards to settling the claims of those policyholders who pursued complaints to the Ombudsman. We intend to settle such claims as promptly and efficiently as possible.” Some 300 travellers who had their claims put on hold while the case was awaiting a decision from the High Court are now likely to see their claims paid.
Meanwhile, it has been announced that Europ Assistance Holding Limited will, subject to approval from the Financial Services Authority, become an independent entity offering the same range of assistance and related insurance services after an agreement was reached for a management buy out. The company will continue to offer full underwriting services against all existing lines of business and will retain access to Europ Assistance Group’s worldwide network. The firm will be managed by Patrick Leroy in the position of chief executive officer, while Tim Ablett takes on the role of company chairman.
Leroy said: “I am delighted by the opportunity to lead the new organisation. The new structure will enable us to continue to support our existing clients and gives us the flexibility to develop new and innovative services.”