As the UK moves closer to leaving the European Union, Chubb’s plans for Brexit are well under way.
You may well already be speaking about these with your Chubb contacts but we also wanted to take this opportunity to give you an update on some of the changes which have taken place so far this year and what else we are doing in 2018.
In July, Chubb European Group announced the achievement of an important regulatory step in its Brexit preparations to redomicile its businesses to France. This provides Chubb customers with continuous, uninterrupted service regardless of the outcome of Brexit negotiations between the UK and the European Union.
That month, both Chubb European Group and ACE Europe Life converted to Societas Europaea (SE), which enables these companies to redomicile to another EU jurisdiction and continue to undertake business both across the EU and into the UK via a branch. Also in July, Chubb received authorisation from the Board of the French supervisor Autorité de Contrôle Prudentiel et de Résolution (ACPR) to redomicile the businesses to France on 1 January 2019, subject to the fulfillment of certain administrative requirements by year-end 2018.
David Furby, Regional President, Chubb European Group, 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.”
From 1 January 2019, the new registered address for Chubb European Group SE and ACE Europe Life SE will be La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France.
From 1 January 2019, Chubb European Group SE and ACE Europe Life SE will be supervised by the ACPR, 4 Place de Budapest, CS 92459, 75436 PARIS CEDEX 09.
Until 31 December 2018, Chubb European Group SE and ACE Europe Life SE will still be domiciled and have their registered office at the same address in England and will remain authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Stay up to date with developments by visiting our Brexit website chubb.com/Brexit