HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Insurance Holdings Limited (“Aspen” or the “Company”) (NYSE:AHL)
announced today that it has submitted an application to the Central Bank
of Ireland for authorization of a new insurance subsidiary in Dublin,
Republic of Ireland.
This new Irish subsidiary - Aspen Insurance Ireland DAC (“Aspen
Ireland”) - will ensure that Aspen can continue serving partners and
clients in the European Economic Area (“EEA”) following the United
Kingdom’s exit from the European Union. Aspen will also utilize the
proposed Lloyd’s Belgium Subsidiary through Aspen Managing Agency
Limited (“AMAL”).
Subject to regulatory approval, it is anticipated that Aspen Ireland
will be operational by the first quarter of 2019.
Classes of insurance business currently planned to be written via Aspen
Ireland include Casualty, Credit and Political Risk, Accident & 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”).
Mike Cain, Chief Executive Officer of AIUK and AMAL, 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.”
Aspen does not believe that its reinsurance business will be affected by
Brexit, subject to political agreements regarding Solvency II
equivalence.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland,
the United Arab Emirates, the United Kingdom and the United States. For
the year ended December 31, 2017, Aspen reported $12.9 billion in total
assets, $6.7 billion in gross reserves, $2.9 billion in total
shareholders’ equity and $3.4 billion in gross written premiums. Its
operating subsidiaries have been assigned a rating of “A” by Standard &
Poor’s Financial Services LLC, an “A” (“Excellent”) by A.M. Best Company
Inc. and an “A2” by Moody’s Investors Service, Inc..
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release contains written “forward-looking statements” within
the meaning of the U.S. federal securities laws. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current facts and
can be identified by the use of words such as “expect,” “intend,”
“plan,” “believe,” “do not believe,” “project,” “anticipate,” “seek,”
“will,” “estimate,” “may,” “likely,” “continue,” “assume,” “objective,”
“aim,” “guidance,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “on track” and similar expressions of a future or
forward-looking nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are subject
to a number of uncertainties and other factors, many of which are
outside Aspen’s control that could cause actual results to differ
materially from such statements. For a detailed description of
uncertainties and other factors that could impact the forward-looking
statements in this press release, please see the “Risk Factors” section
in Aspen’s Annual Report on Form 10-K for the year ended December 31,
2017 as filed with the U.S. Securities and Exchange Commission. Aspen
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180515005876/en/
Investors
Aspen
Mark Jones, +1-646-289 4945
Senior
Vice President, Investor Relations
mark.p.jones@aspen.co
or
Media
Aspen
Steve
Colton, +44 20 7184 8337
Head of Group Communications
Steve.colton@aspen.co
Source: Aspen Insurance Holdings Limited