German insurer pulls the plug on UK market
German insurer Union Reiseversicherung (URV), which insures policies that UK-based Travel Insurance Facilities Group (tifgroup) administers, has – potentially temporarily – pulled out of the UK insurance market. It is not currently writing new business or accepting renewals
A statement given to ITIJ by the underwriter confirmed: “URV temporarily stopped new travel insurance business activities in the UK market at the beginning of July. This is due to new regulatory requirements that need to be realised following the temporary permission regime, resultant from Brexit. URV are currently in the process of evaluating options for the future, these being to re-enter the UK market following completion of the regulatory framework changes or indeed the possibility of permanently leaving the UK market. It is important to us that our existing customers in the UK are reassured that all URV policies already purchased will have their insurance policies terms and conditions met and will be serviced and administered in the normal and professional way.”
tifgroup is a trading name of Travel Insurance Facilities plc which is authorised and regulated by the Financial Conduct Authority. It operates under numerous brands, including Holidaysafe Travel Insurance and Alpha Travel Insurance. In 2009, it founded Insurancewith, a specialist medical travel insurance brand that helps people with conditions including cancer to find suitable cover. In 2020, it acquired Citybond Suretravel and underwrote policies to the value of £160 million gross written premium.
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