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Aspen Insurance Holdings has applied to the Central Bank of Ireland for authorisation of a new insurance subsidiary in Dublin in the Republic of Ireland.
According to the company its new Irish subsidiary Aspen Insurance Ireland will ensure that Aspen can continue serving partners and clients in the European Economic Area (EEA) following the United Kingdom’s exit from the European Union. Aspen will also utilise the proposed Lloyd’s Belgium subsidiary through Aspen Managing Agency (AMAL).
“Aspen has had a strong local branch presence in the Republic of Ireland for many years,” said Mike Cain, chief executive officer of AIUK and AMAL. “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.”
Subject to regulatory approval, it is anticipated that Aspen Ireland will be operational by the first quarter of 2019.
The company said that the classes of insurance business currently planned to be written via Aspen Ireland include casualty, credit and political risk, accident & health, and commercial property. Aspen added that it does not believe that its reinsurance business will be affected by Brexit, subject to political agreements regarding Solvency II equivalence.
Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK.
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