Chubb European Group and Ace Europe Life have been converted to Societas Europaea (SE) to redomicile businesses to France ahead of Brexit.

Chubb termed the development as an important regulatory step in its Brexit preparations.

The move will allow the company to provide its customers with continuous, uninterrupted service regardless of the outcome of Brexit negotiations between the UK and the EU.

In September last year, the property and casualty insurer revealed a plan to establish its EU headquarters in France.

On 11 July 2018, Chubb obtained authorisation from the board of the French supervisor Autorité de Contrôle Prudentiel et de Résolution (ACPR) to redomicile the businesses to France from 1 January next year.

Chubb European Group regional president David Furby said: “We are delighted to announce these important milestones in our Brexit preparations.

“From the outset, our primary aim has been to ensure a seamless transition and to offer certainty and continuity of service for all our clients and business partners, regardless of location or the final outcome of the Brexit negotiations.

“We are confident our new corporate structure will achieve these objectives. At each stage of the process, we have worked closely with the French and UK regulators and authorities, who have been extremely helpful as we have executed on our strategy.”