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Everest joins growing list of insurers making post-Brexit plans

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Everest joins growing list of insurers making post-Brexit plans

(Reuters) -- Everest Re Group Ltd. said its Dublin-based unit has received approval from the Central Bank of Ireland to become a nonlife insurer, joining a growing list of insurers setting up regulated EU operations in case Britain does not have access to the single market after Brexit.

Below are commercial property/casualty insurers’ plans for EU subsidiaries (in alphabetical order):

  • American International Group Inc.

AIG will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London, it said in March.

  • Beazley P.L.C.

Specialist insurer Beazley said it had received approval to convert its Dublin-based reinsurance company into an insurance company. The firm had said in February that it would hire additional staff in Ireland.

  • Chaucer Insurance Group P.L.C.

Specialist insurance group Chaucer, part of Hanover Insurance Group, said the Central Bank of Ireland has approved the formation of a Dublin-based company that will trade as Chaucer Dublin to write international specialty insurance and reinsurance business.

  • Chubb Ltd.

Chubb plans to put its European Union headquarters in Paris if Britain leaves the EU as expected in March 2019, it said on Sept. 11.

  • CNA Hardy

CNA Hardy, part of CNA Financial Corp., will set up a new European subsidiary in Luxembourg to allow it to operate across the EU after Britain leaves the bloc, the specialist commercial insurer said.

  • FM Global

FM Global is planning a European hub in Luxembourg following Britain’s decision to leave the bloc, it said in April.

  • Global Aerospace Underwriting Managers Ltd.

Aviation insurer Global Aerospace is setting up a European Union subsidiary in Paris to make sure it can continue to serve customers after Britain leaves the bloc, the firm’s chief executive told Reuters.

  • Hiscox Ltd.

Lloyd’s of London underwriter Hiscox will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May.

  • Jardine Lloyd Thompson Group P.L.C.

Insurance broker JLT said it would continue to invest and expand on the ground in Europe so that it remains fully equipped to serve its clients.

  • Lancashire Holdings Ltd.

Lancashire said in May that it has options to write EU business out of its Bermuda headquarters or via Lloyd’s of London’s Brussels base. The insurer added it was in no hurry to set up an EU base and saw itself staying in Britain for the foreseeable future.

  • Lloyd’s of London

Lloyd's of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its EU subsidiary, it said in March.

  • Markel Corp.

U.S. insurer Markel plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said in May.

  • MS Amlin P.L.C.

Japanese-owned insurer and reinsurer MS Amlin said it would move its European business to Belgium to make sure it can continue to serve customers after Britain leaves the European Union.

  • Neon Underwriting

Neon Underwriting, part of Great American Insurance Group, could set up a Dublin business to sell insurance policies throughout the EU if Britain loses access to the single market, chief executive of the specialist Lloyd's of London insurer said in December.

  • QBE Insurance Group Ltd.

QBE will set up a subsidiary in Brussels to preserve its ability to operate across the EU, the Australian business insurer said.

  • RSA Insurance Group P.L.C.

RSA is planning a subsidiary in Luxembourg to act as the headquarters of its EU operations after Britain’s decision to leave the bloc. It said it chose Luxembourg because it has “multinational expertise,” is “strategically located within RSA’s existing EU branch network” and has an experienced regulator.

  • Tokio Marine Insurance Co.

Tokio Marine is applying for regulatory approval to set up an insurance company in Luxembourg to continue servicing European clients after Brexit, it said on Sept. 6.

  • XL Group Ltd.

Bermuda-domiciled insurer XL Group said it would move its European Union insurance company from Britain to Ireland in 2018.

 

 

 

 

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