P&C insurer CNA Insurance Company (CICL) has received the High Court of England & Wales’ permission to transfer European business to its new Luxembourg subsidiary.
The approval will enable the CICL to complete transfer of European business to its new Luxembourg subsidiary known as CNA Insurance Company (Europe) S.A. (CICE) in preparation for Brexit.
The announcement was made by CNA Hardy, part of CNA Financial and a specialist commercial insurance provider for clients within the Lloyd’s and company markets.
This approval will facilitate CNA Hardy’s Part VII transfer and is the final step in the implementation of the company’s Brexit strategy.
The new structure will allows CNA Hardy to continue to service its clients and partners while giving certainty to CICL policyholders, regardless of the future relationship between the UK and the EU.
CICL will continue to operate from London, while CICE will be headquartered in Luxembourg, with seven branches across Europe.
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CNA Hardy CEO Dave Brosnan said: “Now that we have the necessary final approval, we can move ahead with our Brexit plans and provide certainty to our clients and partners that we can continue to offer full access to our services after Brexit.
“We remain firmly committed to developing our European operations and this exciting development means we maintain our ability to write business across Continental Europe.”
CNA Hardy, through its network of wholly owned offices and its Lloyd’s platform Syndicate 382, writes property, casualty, marine and speciality business.