Brexit tracker—Insurers move out of the UK

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Brexit tracker—Insurers move out of the UK

Brexit tracker—Insurers move out of the UK

This document tracks the movement of where (re)insurance companies will move in order to retain ‘passporting’ rights, following the UK’s decision to leave the EU.

For more information, see Practice Notes: Financial Services passporting, third country status and equivalence in the UK post-Brexit and No deal Brexit implications for the insurance sector.

Insurance companyWhere the insurance company will move after BrexitHow the insurance company will operate
Admiral GroupMadridIt has been confirmed that on 17 December 2018, Admiral Group received the High Court’s permission to transfer its European business from Admiral Insurance Company Limited in the UK to Admiral Europe Compañía de Seguros SA.
The transfer was carried out under Part VII of the Financial Services and Markets Act 2000 (FSMA 2000).
AIG GroupLuxembourgIn October 2018, the AIG Group was granted permission to transfer the UK and non-EEA business written by its UK offices to a new English company, American International Group UK Ltd under FSMA 2000, Part VII. AIG Europe Ltd will then transfer the remainder of its business and its network of European branches to a new Luxembourg company, AIG Europe SA (AESA) in order to preserve passporting rights.
See Re AIG Europe Ltd [2018] EWHC 2818 (Ch).
Aioi Nissay Dowa Insurance CompanyLuxembourgAioi Nissay Dowa European Group has confirmed it will restructure its European business

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