Global specialist re/insurer MS Amlin has obtained approval from the National Bank of Belgium (NBB) to re-domicile its subsidiary, Amlin Insurance SE (AISE), from the UK to Belgium in preparation for Brexit.
MS Amlin announced in July 2017 that it planned to shift its European business to Belgium to ensure continuity following the UK’s scheduled departure from the European Union (EU) in March 2019.
AISE, which is MS Amlin’s trading entity for UK and Europe, has now been granted a licence by the Board of the NBB for insurance and reinsurance activities from its Brussels office and associated branches in the European Economic Area (EEA), which include offices in the Netherlands and France.
The company can now begin the process of re-domiciling its entity operations, and expects to be fully operational from its new base in Brussels from 1 January 2019.
Although the announcement will have no impact the day-to-day operations of any of MS Amlin’s trading entities, the regulatory approval marks a significant milestone in the company’s Brexit preparations.
Kim Hvirgel, Chief Executive Officer (CEO) of AISE, said: “I’m delighted the NBB have approved our application to re-domicile to Brussels, as this supports our strategic vision of placing AISE at the heart of the EU.
“Brexit inevitably creates uncertainty for clients and brokers alike, but this move means MS Amlin will continue to be well placed to provide innovative solutions to our clients in the European Economic Area during the Brexit transition period and beyond.”
