What is your strategic plan for Brexit?
Our strategic plan for Brexit is already operational. It has evolved in several key stages:
In 2018, as part of Chubb’s Brexit preparations both Chubb European Group SE (CEG) and ACE Europe Life SE (AEL) converted to Societas Europaea (SE). An SE is a public company registered under EU corporate law and formed in accordance with the law of the Member State in which it has its registered office. SE status has enabled Chubb European Group and ACE Europe Life to redomicile to another EU jurisdiction – France – and continue to undertake business both around the EU and into the UK.
On 1 January 2019 Chubb European Group SE (CEG) and ACE Europe Life SE (AEL) moved their headquarters from the UK to France and now operate through a Branch in the UK.
The registered office for both CEG and AEL is now La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France.
The registered company number for CEG has changed to 450 327 374 RCS Nanterre.
The registered company number for AEL has changed to 497 825 539 RCS Nanterre.
The Chubb Group of companies, of which CEG is part, continues to be based at 100 Leadenhall Street, London EC3A 3BP in the UK.
Both CEG and AEL now operate under the supervision of the French regulator Autorité de Contrôle Prudentiel et de Résolution (ACPR): 4 Place de Budapest, CS 92459, 75436 PARIS CEDEX 09.
Through our strategy, customers benefit from continuing to receive insurance cover from the same legal entity with the same level of capital. In addition there is no change to the level of customer service.
Specifically, for all our customers this means contract certainty and certainty of insurance cover.
The French companies will operate in the UK under passporting rules until Brexit or expiry of any transition period.
After that time and if required, Chubb intends to seek authorisation of the branches of its French companies in the UK.
In the event of a so-called ‘Hard Brexit’ where no transition period is agreed between the UK and EU, Chubb’s UK branches will benefit from the UK government’s temporary permissions regime. This regime will enable firms like Chubb to undertake new business within the scope of their permission, enable them to continue performing their contractual rights and obligations, manage existing business and mitigate risks associated with a sudden loss of permission.
For customers based in the EU there will also be no disruption as the French authorised business for Chubb European Group SE and ACE Europe Life SE can passport across the EU. This means no complicated portfolio transfers or changes in insurers which might otherwise be experienced.
These changes allow us to continue to benefit from the S&P “AA” rating assigned to core operating companies within the Chubb Group.