Chubb European Group converts to Societas Europaea (SE) ahead of redomicile to France on 1 January 2019
LONDON, July 24, 2018 /PRNewswire/ -- Chubb European Group today announced the achievement of an important regulatory step in its Brexit preparations to redomicile its businesses to France. This provides Chubb customers with continuous, uninterrupted service regardless of the outcome of Brexit negotiations between the UK and the European Union.
On 19 July, both Chubb European Group and ACE Europe Life converted to Societas Europaea (SE), which enables these companies to redomicile to another EU jurisdiction and continue to undertake business both across the EU and into the UK via a branch. Previously, on 11 July 2018, Chubb received authorisation from the Board of the French supervisor Autorité de Contrôle Prudentiel et de Résolution (ACPR) to redomicile the businesses to France on 1 January 2019, subject to the fulfillment of certain administrative requirements by year-end 2018.
David Furby, Regional President, Chubb European Group, said: "We are delighted to announce these important milestones in our Brexit preparations. From the outset, our primary aim has been to ensure a seamless transition and to offer certainty and continuity of service for all our clients and business partners, regardless of location or the final outcome of the Brexit negotiations. We are confident our new corporate structure will achieve these objectives. At each stage of the process, we have worked closely with the French and UK regulators and authorities, who have been extremely helpful as we have executed on our strategy."
From 1 January 2019, the new registered address for Chubb European Group SE and ACE Europe Life SE will be La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France.
From 1 January 2019, Chubb European Group SE and ACE Europe Life SE will be supervised by the ACPR, 4 Place de Budapest, CS 92459, 75436 PARIS CEDEX 09.
Until 31 December 2018, Chubb European Group SE and ACE Europe Life SE will still be domiciled and have their registered office at the same address in England and will remain authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com/uk