Friday, 29 July 2022 19:12

Press Release – Clearance of a proposed merger

Subject: Approval of the proposed merger, of the protection and indemnity mutual maritime insurance clubs, "The Standard Club Ltd", "The North of England Protecting and Indemnity Association Limited" and "The North of England Mutual Insurance Association (Bermuda) Limited", according to article 6 par. 1 to 3 of law 3959/2011, in the worldwide mutual maritime insurance sector.

By its unanimous Decision No. 794/2022, the Hellenic Competition Commission (HCC) approved today, under Greek merger control rules, the proposed merger of the entities "The Standard Club Ltd", "The North of England Protecting and Indemnity Association Limited" and "The North of England Mutual Insurance Association (Bermuda) Limited".

According to the HCC Decision, the concentration in question has a global dimension as the merging entities are active in the relevant markets, of world mutual maritime insurance and reinsurance, for protection and Indemnity (P&I) risks and freight, shipping and defense (FD&D) risks, globally. While in our country the merged P&I clubs operate mainly for the payment of insurance compensations to their members, ship owners and ships charterers, based in Greece.

According to the Decision, it is estimated that there is increased competitive strength in both the affected worldwide related markets, the mutual insurance of Protection and Indemnity (P&I) and the mutual insurance Freight, Shipping and Defense (FD&D).

Thrrefore he merged entity will not be in a position of preventing effective competition in the relevant markets. 2 Therefore, the HCC approved, according to article 8 par. 3 of law 3959/2011, the notified merger given thatdespite falling within the scope of paragraph 1 of article 6 of law 3959/2011, does not cause serious doubts, as to its compatibility with the requirements of competition in the related markets.

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