Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea.
As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit.
The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom.
At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United Kingdom and the European Union by way of one of their branches. This, according to a statement from the Chubb Ltd. parent company.
On July 11, Chubb received its official authorization from the Autorité de Contrôle Prudentiel et de Résolution (ACPR)’s board. The French authority gave the nod to shifting the business’s location from Great Britain to France. The move will become official as of January 1, 2019.
Completion of this insurance strategy is subject to the fulfillment of a number of administrative requirements.
Chubb’s statement to the media pointed out that it intends to fulfill each of those requirements by 2018’s year end in order to be prepared for the official move date, said a Business Insurance report.
This type of insurance company business strategy is becoming increasingly common for insurers doing business in the United Kingdom. Many insurers and financial institutions, among others, are bracing themselves for what is to come as Brexit Day moves ever closer. As a deal between the United Kingdom and the European Union has not yet been set, companies are taking the steps they can to place themselves in the best possible position once Brexit withdraws from the E.U.
Chubb European Group and Ace Europe Life will keep up their offices at their registered London address until December 31, 2018. They are regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and are authorized by the Prudential Regulation Authority, said the statement. That will not change for the insurance companies until the end of the year.
That said, on January 1, 2019, the new insurance strategy for the company becomes effective and their new address will be in Courbevoie, France. At that time, the companies will be subject to the oversight of the ACPR based in Paris.