Chubb European Group announced it has achieved an important regulatory step in its Brexit preparations to redomicile its businesses to France.
This provides Chubb’s customers “with continuous, uninterrupted service regardless of the outcome of Brexit negotiations between the UK and the European Union,” Chubb said in a statement.
On July 19, both Chubb European Group and ACE Europe Life converted to Societas Europaea (SE). (SE companies are EU-registered public companies).
This move enables these two Chubb companies to redomicile to another EU jurisdiction and continue to undertake business both across the EU and into the UK via a branch.
Previously, on July 11, 2018, Chubb received authorization from the Board of the French supervisor Autorité de Contrôle Prudentiel et de Résolution (ACPR) to redomicile the businesses to France on Jan. 1, 2019, subject to the fulfillment of certain administrative requirements by year-end 2018.
“We are delighted to announce these important milestones in our Brexit preparations,” said David Furby, regional president, Chubb European Group.
“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,” he added.
“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,” said Furby.
From Jan. 1, 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 Jan. 1, 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 Dec. 31, 2018, Chubb European Group SE and ACE Europe Life SE will be domiciled and have their registered office at the same address in England. They will remain authorized by the UK Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.