Aspen Insurance submits application for new insurance subsidiary
Aspen Insurance announced today that it has submitted an application to the Central Bank of Ireland for authorization of a new insurance subsidiary in Dublin, Republic of Ireland. This new Irish subsidiary, Aspen Insurance Ireland DAC, will ensure that Aspen can continue serving partners and clients in the European Economic Area, or EEA, following the United Kingdom's exit from the European Union. Aspen will also utilize the proposed Lloyd's Belgium Subsidiary through Aspen Managing Agency Limited. Subject to regulatory approval, it is anticipated that Aspen Ireland will be operational by the first quarter of 2019. Classes of insurance business currently planned to be written via Aspen Ireland include Casualty, Credit and Political Risk, Accident & Health, and Commercial Property. Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK Limited. Aspen does not believe that its reinsurance business will be affected by Brexit, subject to political agreements regarding Solvency II equivalence.