It’s all systems go for CNA Hardy’s Brexit plan.
CNA Insurance Company Limited (CICL), which will continue to be based in London, has received approval from the High Court of England & Wales to transfer its European business to CNA Insurance Company (Europe) S.A. (CICE) ahead of the UK’s departure from the European Union.
The new Luxembourg-headquartered subsidiary will have seven branches across the continent.
Sanctioning CNA Hardy’s Part VII transfer, the green light is the final step needed for the specialist commercial insurance provider to set its Brexit solution into motion. Effective from January 01 next year, the Part VII transfer will see policyholders move from CICL to CICE, with the latter also beginning to write new business on the same date.
“Now that we have the necessary final approval, we can move ahead with our Brexit plans and provide certainty to our clients and partners that we can continue to offer full access to our services after Brexit,” commented CNA Hardy chief executive Dave Brosnan.
“We remain firmly committed to developing our European operations, and this exciting development means we maintain our ability to write business across Continental Europe.”
CNA Hardy writes property, casualty, marine, and speciality business through its network of wholly owned offices and Lloyd’s Syndicate 382.
Lloyd’s of London, following a preliminary hearing in November, has also been granted approval for certain principles in relation to the Part VII transfer of all European Economic Area business to Lloyd’s Brussels.