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French property and casualty (P&C) insurance company La Parisienne Assurances (LPA) is making sure it is able to carry on with its undertakings in the UK even after the country’s departure from the European Union.
“Given its high business stakes and development ambitions in the UK, and in the current context of uncertainty related to the ongoing Brexit process, La Parisienne Assurances has decided not only to register for the Temporary Permissions Regime but to establish a UK third country branch,” said LPA in a release.
The Paris-headquartered digital player, which designs P&C white-label traditional and non-traditional insurance solutions in 15 European countries, has underwritten business in the UK since 2010. Mainly in the British motor market, LPA distributes its products through partnerships with managing general agents.
“La Parisienne currently carries out its activities using the ‘passporting’ rights provided in the Solvency II Directive, on a freedom of services basis,” it explained. “Entering the Temporary Permissions Regime will allow La Parisienne to continue its activities in the UK while the application for authorisation as a branch is processed by the UK regulators.”
According to LPA, it multiplied its turnover three-fold in the UK market in 2018.
“I am extremely satisfied with our rapidly growing business in the UK, thanks to our ability to design innovative insurance products in less than 10 weeks, that fully meet the end-consumer’s expectations of a changing world,” commented chief enablement officer Olivier Jaillon.
