Aspen plans EU insurance subsidiary in Ireland

Bermuda-based Aspen Insurance Holdings has submitted an application to the Central Bank of Ireland for authorization of a new insurance subsidiary in Dublin, Republic of Ireland, to ensure that the insurance group can continue to operate in the European Economic Area (EEA) after the UK leaves the EU.

Aspen will also utilize the proposed Lloyd’s Belgium subsidiary through Aspen Managing Agency (AMAL).

It is anticipated that Aspen Ireland will be operational by the first quarter of 2019.

Classes of insurance business currently planned to be written via Aspen Ireland include casualty, credit and political risk, accident & health, and commercial property.

Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK (AIUK).

"Aspen has had a strong local branch presence in the Republic of Ireland for many years," said Mike Cain, CEO of AIUK and AMAL. "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," Cain added.

Aspen does not believe that its reinsurance business will be affected by Brexit, subject to political agreements regarding Solvency II equivalence.