CNA Hardy Brexit Structure Approved
CNA Hardy has announced that CNA Insurance Company Limited (‘CICL’) has received approval from the High Court of England & Wales to transfer European business to its new Luxembourg subsidiary...
CNA Insurance Company (Europe) S.A. (‘CICE’) in preparation for the UK’s exit from the European Union. This approval sanctions CNA Hardy’s Part VII transfer and is the final step needed for CNA Hardy to implement its Brexit solution.
The new structure will enable CNA Hardy to continue to service its clients and partners and to give certainty to CICL policyholders, regardless of the future relationship between the UK and the EU. The Part VII transfer is effective from 1st January 2019 and this is when policyholders will transfer from CICL to CICE and CICE will begin to write new business.
CICL will continue to be based in London, UK, whilst CICE will be headquartered in Luxembourg, with seven branches across Europe. In November 2018, the Luxembourg-based subsidiary was successfully assigned its ‘A’ long-term insurer financial strength rating by S&P Global Ratings with a stable outlook.
Dave Brosnan, CEO CNA Hardy 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 writes property, casualty, marine and speciality business through its network of wholly owned offices and Syndicate 382, its Lloyd’s platform.