Global specialist insurance and reinsurance firm MS Amlin is to shift and redomicile its European business from London to Belgium, as a response to Brexit, although the firm’s global headquarters will remain in the UK.
The Amlin Insurance Societas Europaea (S.E.) (“AISE”) business will move to Belgium, a country where MS Amlin is already established with a Brussels-based branch of AISE and offices in Antwerp.
Kim Hvirgel, CEO of AISE and Global Managing Director, Property & Casualty, commented on the news; “We chose Belgium as our European headquarters for AISE because of its business-friendly financial centre, high-quality regulatory framework and geographical position in Europe.
“This is a strategic move that ensures our European brokers and clients experience no disruption from the UK’s exit from the EU, whilst continuing to enjoy the same high-quality service they have come to associate with MS Amlin.”
The AISE business commanded Gross Written Premiums of £444.7 million (€568.4 million) in 2016 and has 508 employees. It currently underwrites marine, casualty, property and fleet re/insurance business through its UK domicile and its branches in the Netherlands, Belgium, France and Germany.
That’s not an insignificant amount of business to be leaving UK shores due to Brexit and with so many other re/insurers already putting plans in place in Europe the total re/insurance premium volume lost to London and the UK will be considerable.
MS Amlin hopes that the change will be in place in time for the 2019 renewals, to ensure a seamless transition for its customers, brokers and business partners. Regulatory approval from the National Bank of Belgium is still required for the move, but that is likely a formality.