Leading global reinsurer MS Amlin has received approval from the National bank of Belgium (NBB) to redomicile its subsidiary, Amlin Insurance SE (AISE) to Belgium from the UK.
On 29 May, the NBB board granted AISE a license to conduct insurance and reinsurance activities from its Brussels office and associated branches in the European Economic Area, including offices in France and the Netherlands.
The licensing and approval is part of MS Amlin’s Brexit preparations and is a milestone for the company.
The development will have no effect on the day-to-day operations of any of MS Amlin’s trading entities.
Following the regulatory approval, MS Amlin will commence the process of redomiciling its entity operations to ensure it is fully operational from its new base in Brussels from 1 January 2019.
AISE CEO, Kim Hvirgel said the regulatory approval supports the company’s strategic vision of placing AISE at the heart of the EU.
Hvirgel added: “Brexit inevitably creates uncertainty for clients and brokers alike, but this move means MS Amlin will continue to be well placed to provide innovative solutions to our clients in the European Economic Area during the Brexit transition period and beyond.”
