(Updates with entry on Travelers)
Dec 19 (Reuters) - Below are insurers’ plans for EU subsidiaries (in alphabetical order) in case Britain does not have access to the single market after Brexit:
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.
Advent Claims said it had partnered with pan-European claims specialist Van Ameyde, helping the company establish European operations to sell its services in the EU, in one of the first examples of a claims firm planning post-Brexit operations.
U.S. insurer AIG will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London, it said in March.
Japanese insurer Aioi Nissay Dowa, part of MS&AD Insurance , said it would set up a European subsidiary in Luxembourg after Britain decided to leave the EU. (bit.ly/2zY62ZA)
Aviva is converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers after Brexit.
Specialist insurer Beazley said it had received approval to convert its Dublin-based reinsurance company into an insurance company. The firm had said in February that it would hire additional staff in Ireland.
British ship insurer Britannia plans to set up a subsidiary in Luxembourg as a result of Britain’s decision to leave the European Union, to ensure it can continue to trade in Europe.
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)
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.
U.S. insurer Chubb plans to put its European Union headquarters in Paris if Britain leaves the EU as expected in March 2019, it said on Sept. 11.
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.
Everest Re Group Ltd said its Dublin-based unit had received approval from the Central Bank of Ireland to become a non-life insurer, allowing it to operate in the European Union under a single regulatory framework.
U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain’s decision to leave the bloc, it said in April.
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.
Lloyd’s of London underwriter Hiscox will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May.
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.
It said its acquisition of Belgian specialty broker Belgibo NV would provide it with a larger continental European presence, ensuring that its clients in the EU, Iceland, Liechtenstein and Norway can access its services after Britain leaves the bloc.
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.
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, part of U.S. insurer Liberty Mutual, which had revenues of $38 billion last year, and one of the largest U.S. property and casualty insurers, said it was switching the domicile of its insurance company to Luxembourg from London. It announced its intention for a Luxembourg hub in July.
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. CEO Inga Beale said in December that the insurance market was pressing ahead with plans for the subsidiary.
U.S. insurer Markel plans to apply for regulatory approval to set up a European Union subsidiary in Munich, it said in May.
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 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.
British ship insurer North is setting up a subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move.
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 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.
Sompo International Holdings, a Bermuda-based unit of Japanese insurer Sompo, is to set up a subsidiary in Luxembourg following Britain’s vote to leave the European Union.
British ship insurer Standard Club is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the second of these specialised providers to opt for Ireland.
British insurer and asset manager Standard Life said in May that it was likely to choose Dublin for its EU hub.
Tokio Marine is applying for regulatory approval to set up an insurance company in Luxembourg to continue servicing European clients after Brexit, it said on Sept. 6.
TRAVELERS Travelers said on Dec. 19 its European arm will create a subsidiary in Dublin since Britain’s vote to leave the European Union meant it risked losing “passporting” rights that allow UK financial services firms to trade elsewhere in Europe.
Specialist ship insurer UK P&I Club plans to set up a subsidiary in the Netherlands as a result of Britain’s decision to leave the European Union.
Bermuda-domiciled insurer XL Group said it would move its European Union insurance company from Britain to Ireland in 2018. (Compiled by Noor Zainab Hussain and Carolyn Cohn; Editing by David Evans and Susan Fenton)