Bermuda-based Aspen Insurance has filed an application before the Central Bank of Ireland to grant permission to set up a new insurance subsidiary in Dublin, Ireland.
The new Irish subsidiary, which will operate under the brand name of Aspen Insurance Ireland DAC, will serve the company’s partners and clients in the European Economic Area (EEA) post-Brexit.
Additionally, Aspen will also use the proposed Lloyd’s Belgium subsidiary through Aspen Managing Agency Limited (AMAL).
Aspen’s Irish subsidiary is expected to start operation by the first quarter of 2019, pending receipt of regulatory approval.
The company will write casualty, credit and political risk, accident and 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), the insurer said.
AIUK and AMAL CEO Mike Cain 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.”