Chubb European Group and its ACE Europe Life subsidiary has converted to Societas Europaea, enabling both companies to redomicile to another European Union (EU) jurisdiction and continue to undertake business both across the EU and into the UK.
The conversion is the next step in Chubb’s efforts to redomicile its businesses to France amid rising concerns over a no-deal Brexit.
“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,” said David Furby, Regional President, Chubb European Group.
Previously, on July 11, 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 1 January 2019, subject to the fulfillment of certain administrative requirements by year-end 2018.
“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,” added Furby.