Aspen Insurance Holdings Limited has submitted an application to the Central Bank of Ireland for authorization of a new insurance subsidiary in Dublin, Republic of Ireland.
In a statement, Aspen explained that this new Irish subsidiary – Aspen Insurance Ireland DAC – would ensure that Aspen could continue serving partners and clients in the European Economic Area (“EEA”) following the United Kingdom's exit from the European Union. Aspen added that it also would use the proposed Lloyd's Belgium subsidiary through Aspen Managing Agency Limited (“AMAL”).
Subject to regulatory approval, Aspen said that it anticipated that Aspen Ireland would be operational by the first quarter of 2019.
Classes of insurance business currently planned to be written via Aspen Ireland include casualty, credit and political risk, accident and health, and commercial property.
Existing United Kingdom and non-EEA policies not impacted by Brexit would continue to be written within Aspen Insurance UK Limited (“AIUK”).
Mike Cain, the chief executive officer of AIUK and AMAL, said, “Aspen has had a strong local branch presence in the Republic of Ireland for many years. Dublin is, therefore, a logical fit for our new insurance subsidiary given its highly regarded business and regulatory environment. Aspen Ireland, together with our use of the Lloyd's Belgium subsidiary, will ensure that we can continue to meet the needs of our EEA clients and brokers post-Brexit.”
Aspen added that it did not believe that its reinsurance business would be affected by Brexit, subject to political agreements regarding Solvency II equivalence.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].