May 15, 2018
Aspen has applied to the the Central Bank of Ireland for authorisation to set up a subsidiary in Dublin in preparation for Brexit.
The Bermudian (re)insurer said that the new Irish subsidiary - Aspen Insurance Ireland DAC (Aspen Ireland) - will ensure that it continue doing business in the European Economic Area following the UK’s exit from the EU.
It added that it will also utilise the proposed Lloyd’s Belgium Subsidiary through Aspen Managing Agency Limited (AMAL).
Aspen said that it expects the Irish subsidiary to be up and running by the first quarter of 2019, subject to regulatory approval.
Classes of insurance business currently planned to be written via Aspen Ireland include casualty, credit and political risk, accident and health, and commercial property.
Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK Limited (AIUK).
Aspen said that it does not believe that its reinsurance business will be affected by Brexit, subject to political agreements regarding Solvency II equivalence.
Mike Cain, CEO of AIUK and AMAL, said: “Aspen has had a strong local branch presence in the Republic of Ireland for many years. 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.”