Aspen Seeks Approval For New Irish Subsidiary
Aspen Insurance Holdings has submitted an application to the Central Bank of Ireland for authorization of a new insurance subsidiary in Dublin, Republic of Ireland, saying that the new Irish subsidiary – Aspen Insurance Ireland DAC – will “ensure that Aspen can continue serving partners and clients in the European Economic Area following” Brexit.
“Aspen will also utilize the proposed Lloyd’s Belgium Subsidiary through Aspen Managing Agency Limited,” the company said. “Subject to regulatory approval, it is anticipated that Aspen Ireland will 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 & Health, and Commercial Property. Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK Limited.”
Mike Cain, 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 does not believe that its reinsurance business will be affected by Brexit, subject to political agreements regarding Solvency II equivalence.
