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Chubb European Group S.E and Ace Europe Life S.E converted to Societas Europaea on July 19, allowing them to redomicile to another EU jurisdiction from Britain and continue doing business in the EU and the U.K. via a branch, parent company Chubb Ltd. said Tuesday.
Chubb had previously received authorization on July 11 from the Board of the French supervisor Autorité de Contrôle Prudentiel et de Résolution, or ACPR, to redomicile the businesses to France on, Jan. 1, 2019, subject to the fulfillment of certain administrative requirements by year-end 2018, Chubb said in a statement.
The move is part of the insurer’s business continuity planning in the face of Britain’s exit from the European Union.
Chubb European Group and Ace Europe Life will remain domiciled and have their registered office at the same address in London until Dec. 31, 2018, authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, the statement said.
Beginning Jan. 1, 2019, the new registered address for Chubb European Group S.E. and Ace Europe Life S.E. will be La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France, the statement said. The same day, the companies will begin supervision by the Paris-based ACPR.
“From the outset, our primary aim has been to ensure a seamless transition and to offer certainty and continuity of service for all our clients and business partners, regardless of location or the final outcome of the Brexit negotiations,” David Furby, regional president of Chubb European Group, said in the statement.
Chubb Ltd. said Monday it plans to locate its European Union headquarters in France if the United Kingdom leaves the EU as expected in March 2019.