The High Court of England & Wales has approved the transfer of the European business of CNA Insurance Company Limited (“CICL”) to its new Luxembourg subsidiary, CNA Insurance Company (Europe) S.A. (“CICE”), in preparation for the United Kingdom's exit from the European Union.
The transfer will be effective from January 1, 2019, when policyholders will transfer from CICL to CICE and CICE will begin to write new business.
CICL will continue to be based in London while CICE will be headquartered in Luxembourg, with seven branches across Europe.
Dave Brosnan, the chief executive officer of CNA Hardy, which acts through Hardy (Underwriting Agencies) Limited and CNA Insurance Company Limited, said, “Now that we have the necessary final approval, we can move ahead with our Brexit plans and provide certainty to our clients and partners that we can continue to offer full access to our services after Brexit. We remain firmly committed to developing our European operations and this exciting development means we maintain our ability to write business across Continental Europe.”
Learn more: www.cnahardy.com.
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].