01 Oct 2012
Insurance (Prudential Supervision) Act 2010 Transfer.
TOWER Limited advises it has completed the transfer of its medical insurance business from TOWER Health & Life Limited (THL) to TOWER Medical Insurance Limited (TMIL) with effect from close of business on 30 September 2012 (Transfer Date). TMIL is an existing company within the TOWER group and has a financial strength rating of A- (Excellent) from international rating agency A.M. Best Company.
THL also has an A- (Excellent) financial strength rating from A.M. Best. A.M. Best assigns an A- (Excellent) rating to companies which, in its opinion, have an excellent ability to meet their ongoing insurance obligations.
All rights and obligations of THL under medical insurance contracts entered into by THL as at the Transfer Date have automatically transferred to TMIL under section 53 of the Insurance (Prudential Supervision) Act 2010. There have been no changes to the rights and obligations of TOWER medical insurance policyholders under their policies except that, from the Transfer Date, TMIL became the insurer. All TOWER telephone numbers, email contact details and claims procedures remain the same.