(Adds CNA Hardy, QBE Insurance Group)
June 6 QBE Insurance Group will set up
a subsidiary in Brussels and CNA Hardy has chosen Luxembourg for
one, the two companies said on Tuesday.
Insurers are setting up regulated EU subsidiaries in case
Britain does not have access to the single market after Brexit
so as to allow them to continue to operate across the bloc.
Below are insurers' plans for EU subsidiaries (in
British motor insurer Admiral Group Plc said last
year it could move its European business to Ireland or another
country. It said earlier this year it was looking at a large
number of locations and expected to make a decision within two
U.S. insurer AIG said in March it will set up a
European subsidiary in Luxembourg, in addition to its European
headquarters in London.
Aviva is converting its Irish life and general
insurance branches to regulated subsidiaries to meet the needs
of its Irish insurance customers after Brexit.
Lloyd's of London insurer Beazley Plc said last
year it had filed an application with the Central Bank of
Ireland to get approval for its Irish reinsurance business to
become a European insurance company. The firm said in February
it will hire additional staff in Ireland.
Chesnara Plc, an insurance-focused takeover
specialist, already has an insurance company in the Netherlands
but could move its headquarters there, depending on the
regulatory environment in Britain after negotiations to leave
CNA Hardy will set up a new European subsidiary in
Luxembourg to allow it to operate across the EU after Britain
leaves the bloc, the specialist commercial insurer, which is
part of CNA Financial Corp, said.
U.S. commercial property insurer FM Global is planning a
European hub in Luxembourg following Britain's decision to leave
the bloc, it said last month.
Lloyd's of London underwriter Hiscox Ltd will
establish a new subsidiary in Luxembourg to underwrite its
retail business in Europe, it said in May.
Lancashire said in May it has options to write EU
business out of its Bermuda headquarters or via Lloyd's of
London's Brussels base. The insurer added it was in
no hurry to set up a EU base and saw itself staying in Britain
for the foreseeable future.
LEGAL & GENERAL
British insurer Legal & General said in May it
would move some of its investment management operations to
Ireland to ensure it can continue to serve its customers after
LLOYD'S OF LONDON
Lloyd's of London, an integral part of the British business
scene since the 17th century, has chosen Brussels as the site
for its EU subsidiary, it said in March.
U.S. insurer Markel plans to apply for regulatory
approval to set up a European Union subsidiary in Munich.
Japanese-owned insurer MS Amlin operates under the "Societas
Europaea" structure. That makes it relatively easy to move to a
different EU jurisdiction if needed, subject to regulatory
Neon Underwriting Ltd may set up a Dublin business to sell
insurance policies throughout the EU if Britain loses access to
the single market, chief executive of the specialist Lloyd's of
London insurer said in December.
QBE Insurance Group will set up a subsidiary in
Brussels to preserve its ability to operate across the EU, the
Australian business insurer said.
British life insurer Royal London Mutual Insurance Society
plans to turn its Irish business into a regulated subsidiary, it
said in March.
RSA is planning a subsidiary in Luxembourg to act as the
headquarters of its EU operations following Britain's decision
to leave the bloc. It said it chose Luxembourg because it had
"multi-national expertise", was "strategically located within
RSA’s existing EU branch network" and had an experienced
British insurer and asset manager Standard Life said
in May it was likely to choose Dublin for its EU hub.
Bermuda-domiciled insurer XL Catlin said its UK
business XL Insurance Company SE has branches across Europe and
also operates under the "Societas Europaea" structure.
(Compiled by Noor Zainab Hussain and Carolyn Cohn; editing by