There may be plenty of issues to overcome surrounding the UK’s exit from the European Union, but Brexit preparations are continuing in full swing in insurance circles.
Plenty of insurers have already set up bases in the European Union in an effort to maintain passporting rights and today Aspen has revealed it is seeking approval for a new subsidiary in Ireland.
The company has submitted an application with the Central Bank of Ireland for a new subsidiary in Dublin under the name Aspen Insurance Ireland DAC – or Aspen Ireland for short. The idea is that it will allow the firm to continue to service partners and clients across the EEA with the company also planning to use Lloyd’s Belgium subsidiary through Aspen Managing Agency Limited.
According to a release outlining the plans, Aspen Ireland will write insurance business in areas including credit and political risk, commercial property, casualty, accident and health.
“Aspen has had a strong local branch presence in the Republic of Ireland for many years,” said Aspen Insurance UK chief executive Mike Cain. “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 does not believe its reinsurance business will be affected by Brexit and anticipates that Aspen Ireland will be operational by the first quarter of 2019.
