2 Min Read
(Reuters) - Insurer and reinsurer MS Amlin said on Wednesday it would move its European business to Belgium to make sure it can continue to serve customers after Britain leaves the European Union.
"(MS Amlin) today announced plans to re-domicile its European business, Amlin Insurance Societas Europaea (AISE) to Belgium in response to Brexit. MS Amlin will retain its global headquarters in London," the firm said in a statement.
AISE has a Brussels-based branch and offices in Antwerp, MS Amlin said, adding it writes marine, casualty, property and fleet business through its UK domicile and its branches in the Netherlands, Belgium, France and Germany.
"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," Kim Hvirgel, CEO of AISE, said.
"This is a strategic move that ensures our European brokers and clients experience no disruption from the UK's exit from the EU."
Subject to regulatory approval, the move is expected to be completed well in time for 2019 renewals, the firm said.
Lloyd's of London and QBE have already announced plans for EU subsidiaries in Brussels.
Reporting by Noor Zainab Hussain in Bengaluru; editing by Carolyn Cohn