MS Amlin picks Belgium for post-Brexit EU unit

Specialist re/insurer MS Amlin said on June 28 that it will re-domicile its European business, Amlin Insurance Societas Europaea (AISE), to Brussels, in response to Brexit.

Kim Hvirgel, CEO of AISE and Global Managing Director, Property & Casualty, said: “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.”

After a majority in the UK voted in favour of leaving the EU in a June referendum, the re/insurance sector in the UK has been particularly worried about the possibility of losing its passporting rights. The mechanism provides a company authorised in one member state the ability to conduct cross-border business without being required to apply for any additional authorisation or hold assets locally.

MS Amlin will retain its global headquarters in London.

MS Amlin is already an established player in the Belgian insurance market, with a Brussels-based branch of AISE and offices in Antwerp, the company noted in the statement.

AISE currently writes marine, casualty, property and fleet business through its UK domicile and its branches in the Netherlands, Belgium, France and Germany. The operations had gross written premium of £444.7 million (€568.4 million) in 2016 and 508 employees.

Subject to regulatory approval from the National Bank of Belgium, the proposed change is expected to be completed well in time for 2019 renewals and to ensure a seamless transition for our customers, brokers and business partners.

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