Aspen Seeks Approval for New Insurance Subsidiary in Ireland
15 May 2018 - 10:30PM
Business Wire
Aspen Insurance Holdings Limited (“Aspen” or the “Company”)
(NYSE:AHL) announced today that it has submitted an application to
the Central Bank of Ireland for authorization of a new insurance
subsidiary in Dublin, Republic of Ireland.
This new Irish subsidiary - Aspen Insurance
Ireland DAC (“Aspen Ireland”) - will ensure that Aspen can
continue serving partners and clients in the European Economic Area
(“EEA”) following the United Kingdom’s exit from the European
Union. Aspen will also utilize the proposed Lloyd’s Belgium
Subsidiary through Aspen Managing Agency Limited (“AMAL”).
Subject to regulatory approval, it is anticipated that Aspen
Ireland will be operational by the first quarter of 2019.
Classes of insurance business currently planned to be written
via Aspen Ireland include Casualty, Credit and Political Risk,
Accident & Health, and Commercial Property.
Existing UK and non-EEA policies not impacted by Brexit will
continue to be written within Aspen Insurance UK Limited
(“AIUK”).
Mike Cain, Chief Executive Officer of AIUK and AMAL, said:
“Aspen has had a strong local branch presence in the Republic of
Ireland for many years. Dublin is, therefore, a logical fit for our
new insurance subsidiary given its highly-regarded business and
regulatory environment. Aspen Ireland, together with our use of the
Lloyd’s Belgium Subsidiary, will ensure that we can continue to
meet the needs of our EEA clients and brokers post-Brexit.”
Aspen does not believe that its reinsurance business will be
affected by Brexit, subject to political agreements regarding
Solvency II equivalence.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in
various domestic and global markets through wholly-owned
subsidiaries and offices in Australia, Bermuda, Canada, Ireland,
Singapore, Switzerland, the United Arab Emirates, the United
Kingdom and the United States. For the year ended December 31,
2017, Aspen reported $12.9 billion in total assets, $6.7 billion in
gross reserves, $2.9 billion in total shareholders’ equity and $3.4
billion in gross written premiums. Its operating subsidiaries have
been assigned a rating of “A” by Standard & Poor’s Financial
Services LLC, an “A” (“Excellent”) by A.M. Best Company Inc. and an
“A2” by Moody’s Investors Service, Inc..
Application of the Safe Harbor of the Private Securities
Litigation Reform Act of 1995
This press release contains written “forward-looking statements”
within the meaning of the U.S. federal securities laws. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that do not relate solely to
historical or current facts and can be identified by the use of
words such as “expect,” “intend,” “plan,” “believe,” “do not
believe,” “project,” “anticipate,” “seek,” “will,” “estimate,”
“may,” “likely,” “continue,” “assume,” “objective,” “aim,”
“guidance,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “on track” and similar expressions of a future
or forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are
subject to a number of uncertainties and other factors, many of
which are outside Aspen’s control that could cause actual results
to differ materially from such statements. For a detailed
description of uncertainties and other factors that could impact
the forward-looking statements in this press release, please see
the “Risk Factors” section in Aspen’s Annual Report on Form 10-K
for the year ended December 31, 2017 as filed with the U.S.
Securities and Exchange Commission. Aspen undertakes no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180515005876/en/
InvestorsAspenMark Jones, +1-646-289 4945Senior Vice
President, Investor
Relationsmark.p.jones@aspen.coorMediaAspenSteve Colton, +44
20 7184 8337Head of Group CommunicationsSteve.colton@aspen.co
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