The Central Bank of Ireland has received an application from insurer and reinsurer Aspen for the authorisation of a new insurance subsidiary in Dublin, Republic of Ireland.
Aspen Insurance Ireland DAC (Aspen Ireland) is anticipated to be operational by the first quarter of 2019 and is intended to ensure continued service of partners and clients in the European Economic Area (EEA) post-Brexit.
Aspen are also expected to utilise the proposed Lloyd’s Belgium Subsidiary through Aspen Managing agency Limited (AMAL).
Casualty, Credit and Political Risk, Accident and Health, and Commercial Property are all planned to be written via Aspen Ireland.
However, Aspen Insurance UK Limited (AIUK) will continue servicing existing UK and non-EEA policies not impacted by the United Kingdom’s exit from the European Union.
Chief Executive Officer (CEO) of AIUK and AMAL, Mike Cain 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.”
The firm also said it does not expect its reinsurance business to be affected by Brexit, subject to political agreements regarding Solvency II equivalence.
