May 18, 2017 / 2:44 PM / 2 months ago

Impact on insurers from Britain's vote to leave the EU

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Members of the European Parliament take part in a voting session on a resolution about Brexit priorities and the upcomming talks on the UK's withdrawal from the EU at the European Parliament in Strasbourg, France, April 5, 2017.Vincent Kessler

(Reuters) - U.S. insurer Markel (MKL.N) plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said on Thursday.

British insurer and asset manager Standard Life (SL.L) said this week it was likely to choose Dublin for its EU base, while Lloyd's of London insurer Hiscox (HSX.L) said last week it had chosen Luxembourg.

Insurers are setting up regulated EU subsidiaries in case Britain does not have access to the single market after Brexit.

Below are plans for EU subsidiaries proposed by insurers:

Admiral

British motor insurer Admiral Group Plc (ADML.L) 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 months.

Aig

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

Beazley

Lloyd's of London insurer Beazley Plc BEZG.L 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.

Chesnara

Chesnara Plc (CSN.L), 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 the EU.

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 last month.

Hiscox

Lloyd's of London underwriter Hiscox Ltd (HSX.L) will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said last week.

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 (MKL.N) plans to apply for regulatory approval to set up a European Union subsidiary in Munich.

Ms Amlin

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 approval.

Royal London

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

Standard Life

British insurer and asset manager Standard Life (SL.L) said this week it was likely to choose Dublin for its EU hub.

Xl Catlin

Bermuda-domiciled insurer XL Catlin (XL.N) said its UK business XL Insurance Company SE has branches across Europe and also operates under the "Societas Europaea" structure.

Compiled by Carolyn Cohn and Noor Zainab Hussain; Editing by Keith Weir and Alexander Smith

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