Growing List of Re/Insurers Make Decisions on Post-Brexit EU Headquarters

Everest Re Group Ltd. has said its Dublin-based unit has received approval from the Central Bank of Ireland to become a non-life 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 insurers’ plans for EU subsidiaries (in alphabetical order):

• ADMIRAL. British motor insurer Admiral Group 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.
• AIG. U.S. insurer AIG will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London, it said in March.
• AVIVA. Aviva is converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers after Brexit.
• BEAZLEY. 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. 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.
• CHESNARA. UK 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.
• CHUBB. U.S. insurer 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.
• EVEREST RE. Everest Re Group Ltd. said its Dublin-based unit had received approval from the Central Bank of Ireland to become a non-life insurer, allowing it to operate in the European Union under a single regulatory framework.
• FM GLOBAL. U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain’s decision to leave the bloc, it said in April.
• GLOBAL AEROSPACE. UK 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. Lloyd’s of London underwriter Hiscox will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May.
• JLT. Insurance broker Jardine Lloyd Thompson Group said it would continue to invest and expand on the ground in Europe so that it remains fully equipped to serve its clients.
• LANCASHIRE. 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.
• LEGAL & GENERAL. British insurer Legal & General 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.
• 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. 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. 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. Neon Underwriting 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. QBE Insurance Group will set up a subsidiary in Brussels to preserve its ability to operate across the EU, the Australian business insurer said.
• ROYAL LONDON. British life insurer Royal London Mutual Insurance Society plans to turn its Irish business into a regulated subsidiary, it said in March.
• RSA Insurance. 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.
• STANDARD LIFE. British insurer and asset manager Standard Life said in May that it was likely to choose Dublin for its EU hub.
• TOKIO MARINE. 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. Bermuda-domiciled insurer XL Group said it would move its European Union insurance company from Britain to Ireland in 2018.

(Compiled by Noor Zainab Hussain and Carolyn Cohn; editing by David Goodman, Louise Heavens and Mark Potter)

Related:

• EU Regulator Warns UK Insurers to Avoid ‘Fronting’ in Post-Brexit EU HQs