While the insurance sector as an industry has come out against Britain leaving the EU in today’s referendum, most have not been forthcoming regarding their plans should the vote fall in favour of the leave campaign.
However, New Zealand’s CBL Insurance, which operates European Insurance Services from Tunbridge Wells, said it will implement a change for a leave result.
The National Business Review
reported on managing director Peter Harris outlining the company’s plans in a statement to the market, but downplayed the impact it would have on the operation of the business.
He stated: “And we have already confirmed to our employees at European Insurance Services Ltd (EISL) in Tunbridge Wells UK, who write business in France, that if Britain decides to leave the EU then EISL will remain operating in Tunbridge Wells, and shift its legal domicile, probably to Ireland.”
CBL Insurance DAC, CBL’s European insurer is already domiciled in Ireland, so won’t be affected either way by the vote.
“Either way it will be business as usual,” Harris confirmed.
The only immediate effect of a Brexit vote would be how the stock market reacts. In terms of regulations, negotiations will drag on for years meaning the specific details of any insurance plan would not be set in stone.
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