Chubb, ACE European units convert to Societas Europaea in Brexit move
Chubb European Group and ACE Europe Life have converted to Societas Europaea (SE) in the company's Brexit preparations to redomicile its businesses to France.
Chubb said it is an important regulatory step and will provide its customers with continuous, uninterrupted service regardless of the outcome of Brexit negotiations between the UK and the EU.
The property/casualty insurer announced in Sept. 2017 that it plans to establish its EU headquarters in France.
On July 11, 2018, Chubb received authorisation from the board of the French supervisor Autorité de Contrôle Prudentiel et de Résolution (ACPR) to redomicile the businesses to France on Jan. 1, 2019, subject to the fulfilment of certain administrative requirements by year-end 2018.
David Furby, regional president of Chubb European Group, said: "We are delighted to announce these important milestones in our Brexit preparations. From the outset, our primary aim has been to ensure a seamless transition and to offer certainty and continuity of service for all our clients and business partners, regardless of location or the final outcome of the Brexit negotiations.
"We are confident our new corporate structure will achieve these objectives. At each stage of the process, we have worked closely with the French and UK regulators and authorities, who have been extremely helpful as we have executed on our strategy."
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