Impact on insurers from Britain's vote to leave the EUReprints
(Reuters) — MS Amlin P.L.C. plans to move its European business to Belgium, it said on Wednesday, joining a growing list of insurers setting up regulated E.U. operations in case Britain does not have access to the single market after Brexit.
Below are insurers' plans for E.U. subsidiaries, in alphabetical order:
British motor insurer Admiral Group P.L.C. said last year that it could move its European business to Ireland or another country and said in March that it was looking at a large number of locations.
U.S. insurer American International Group Inc. will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London, it said in March.
Aviva P.L.C. is converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers after Brexit.
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.
Specialist insurance group Chaucer P.L.C., part of Hanover Insurance Group Inc., 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.
U.K. insurer Chesnara could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union, the company said.
CNA Hardy, part of CNA Financial Corp., will set up a new European subsidiary in Luxembourg to allow it to operate across the E.U. after Britain leaves the bloc, the specialist commercial insurer said.
British insurer Equitable Life is considering setting up a European Union subsidiary in Dublin in order to continue serving Irish and German customers after Britain leaves the bloc, its chief executive said.
U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain's decision to leave the bloc, it said last month.
U.K. insurer Global Aerospace Inc. 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.
Lloyd's of London underwriter Hiscox Ltd. will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May.
Ironshore, owned by Liberty Mutual, said it would set up an office in Frankfurt for its M&A and tax insurance units to expand their European presence.
Insurance broker Jardine Lloyd Thompson Group P.L.C. said it would continue to invest and expand on the ground in Europe so that it remains fully equipped to serve its clients.
Lancashire said in May that it has options to write E.U. 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 E.U. base and saw itself staying in Britain for the foreseeable future.
LEGAL & GENERAL
British insurer Legal & General Group P.L.C. said in May that it would move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit.
LIBERTY SPECIALTY MARKETS
Liberty Specialty Markets, part of Liberty Mutual Insurance, intends to headquarter its post-Brexit EU operations in Luxembourg. The firm said it would be seeking regulatory approvals to operate via an insurance company and insurance intermediary domiciled in Luxembourg.
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 E.U. subsidiary, it said in March.
U.S. insurer Markel Corp. plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said in May.
Japanese-owned insurer and reinsurer MS Amlin P.L.C. 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 Ltd. could set up a Dublin business to sell insurance policies throughout the E.U. if Britain loses access to the single market, the chief executive of the specialist Lloyd's of London insurer said in December.
QBE Insurance Group Ltd. will set up a subsidiary in Brussels to preserve its ability to operate across the E.U., the Australian business insurer said.
British life insurer Royal London Mutual Insurance Society Ltd. plans to turn its Irish business into a regulated subsidiary, it said in March.
RSA Insurance Group P.L.C. is planning a subsidiary in Luxembourg to act as the headquarters of its E.U. 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 E.U. branch network" and has an experienced regulator.
British insurer and asset manager Standard Life said in May that it was likely to choose Dublin for its E.U. hub.
U.K.-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain's vote to leave the EU, Markerstudy said.
Bermuda-domiciled insurer XL Group Ltd., which does business as XL Catlin, said its U.K. business XL Insurance Co. S.E. has branches across Europe and also operates under the "Societas Europaea" structure.