Apen Insurance Holdings said Tuesday that it plans to create a subsidiary in Ireland, which will be able to continue to serve customers in the European Economic Area (EEA) after Brexit.
The insurer, whose operations in Dublin are now part of the British company, appealed to the Central Bank of Ireland to create a new company. The launch of the new company is planned for the first quarter of 2019, while the UK's exit from the EU is scheduled for March next year.
Aspen also works for Lloyds of London and plans to continue working after Lloyds opens a late division in Brussels next year. "The creation of Aspen Ireland and the work of the new company with the Belgian division of Lloyd's will create the opportunity to satisfy the needs of customers in the EEA after Brexit," said company president Mike Kane.
Beazley, Hiscox, XL Group and other insurers also plan to open units in Ireland to maintain access to the EU market after Brexit.