July 7, 2017 / 10:11 AM / in 16 days

FACTBOX-Insurers' preparations regarding Britain's planned EU exit

6 Min Read

(Adds Compre, St Julians)

July 7 (Reuters) - Insurers require passporting rights to sell insurance policies throughout the European Union.

Insurers in Britain have said they will need to set up EU subsidiaries if Britain loses access to the single market after Brexit.

The Bank of England has asked insurers and banks operating in Britain to outline their Brexit plans by mid-July.

Below are insurers' plans for EU subsidiaries (in alphabetical order):

Admiral

British motor insurer Admiral Group said last year that it could move its European business to Ireland or another country and said in March that it was looking at a large number of locations.

Aig

U.S. insurer AIG will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London, it said in March.

Aviva

Aviva is converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers after Brexit.

Beazley

Lloyd's of London insurer Beazley said last year that it had filed an application with the Central Bank of Ireland seeking approval for its Irish reinsurance business to become a European insurance company. The firm said in February that it will hire additional staff in Ireland.

Chaucer

Specialist insurance group Chaucer, part of Hanover Insurance Group, said the Central Bank of Ireland has approved the formation of a Dublin-based company that will trade as Chaucer Dublin to write international speciality insurance and reinsurance business. (bit.ly/2tXaJ2i)

Chesnara

UK insurer Chesnara could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union, the company said.

Cna Hardy

CNA Hardy, part of CNA Financial Corp, 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 said.

Compre

British insurer Compre said it had received approval from the Maltese financial authority to set up an insurance company in Malta, by transferring the domicile of London & Leith Insurance from the UK. The insurer said the move was not made in response to Brexit, but added a further regulated presence within the European Union would not be a disadvantage.

Equitable Life

British insurer Equitable Life is considering setting up a European Union subsidiary in Dublin in order to continue serving Irish and German customers after Britain leaves the bloc, its chief executive said.

Fm Global

U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain's decision to leave the bloc, it said.

Global Aerospace

UK insurer Global Aerospace is setting up a European Union subsidiary in Paris to make sure it can continue to serve customers after Britain leaves the bloc, the firm's chief executive told Reuters.

Hiscox

Lloyd's of London underwriter Hiscox will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May.

Ironshore

Ironshore, owned by Liberty Mutual, said it would set up an office in Frankfurt for its M&A and tax insurance units to expand their European presence.

Jlt

Insurance broker Jardine Lloyd Thompson Group said it would continue to invest and expand on the ground in Europe so that it remains fully equipped to serve its clients.

Lancashire

Lancashire said in May that 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 an EU base and saw itself staying in Britain for the foreseeable future.

Legal & General

British insurer Legal & General said in May that it would move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit.

Liberty Specialty Markets

Liberty Specialty Markets, part of Liberty Mutual Insurance , intends to headquarter its post-Brexit EU operations in Luxembourg‍​. The firm said it would be seeking regulatory approvals to operate via an insurance company and insurance intermediary domiciled in Luxembourg.

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.

Markel

U.S. insurer Markel plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said in May.

Ms Amlin

Japanese-owned insurer and reinsurer MS Amlin said it would move its European business to Belgium to make sure it can continue to serve customers after Britain leaves the European Union.

Neon

Neon Underwriting could 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

QBE Insurance Group will set up a subsidiary in Brussels to preserve its ability to operate across the EU, the Australian business insurer said.

Royal London

British life insurer Royal London Mutual Insurance Society plans to turn its Irish business into a regulated subsidiary, it said in March.

Rsa

RSA is planning a subsidiary in Luxembourg to act as the headquarters of its EU operations after Britain's decision to leave the bloc. It said it chose Luxembourg because it has "multinational expertise", is "strategically located within RSA’s existing EU branch network" and has an experienced regulator.

Standard Life

British insurer and asset manager Standard Life said in May that it was likely to choose Dublin for its EU hub.

St Julians

UK-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain's vote to leave the EU, Markerstudy said.

Xl Catlin

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 Jason Neely

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