North American-based insurance firm Chubb has changed the registered office of its European operations from London to France, in a bid to prepare for the outcome of Brexit.
It hopes the transfer, approved by the regulatory authorities in July, will provide Chubb customers with a “continuous and uninterrupted service, regardless of the result obtained from the Brexit negotiations between the UK and the European Union”.
Both Chubb European Group and Ace Europe Life are now operated under the supervision of the French regulatory authority
ACPR and operate in the UK (until further notice) as branch of the EEA in passport regime.
Both entities are also subject to the regulations of the UK’s Financial Conduct Authority.
David Furby, regional president of Chubb European Group, said: “Chubb has focused on providing clarity, continuity of service and security to our customers, brokers or other partners, regardless of the final outcome of Brexit.
“We are pleased that the transfer of the registered office of Chubb European Group has been carried out as planned.”
The new registered office of Chubb European Group and ACE Europe Life is La Carpe Diem Tour, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie (France – just outside of Paris).
Firms are continuing to make European plans due to the uncertainty of what Brexit will look like, and the deal the UK will end up with, if one at all.
Paris, Frankfurt and Dublin have been the main options for financial institutions to move to – but the Irish Funds Association’s chief executive admitted to International Adviser in November that the EU’s financial hubs do not have the capacity to deal with the fallout from the UK exit from the economic and political union.