Aspen continues to serve its clients and business partners in the European Economic Area (‘EEA’) following the United Kingdom’s exit from the European Union. In order to achieve this, the following measures have been taken:
- Aspen is utilising Lloyd’s Insurance Company S.A. (LIC) also known as the Lloyd’s Brussels Subsidiary through Aspen Managing Agency Limited (“AMAL”). The Lloyd’s Brussels Subsidiary is authorised and regulated by the National Bank of Belgium and regulated by the Financial Services and Markets Authority. The Lloyd’s Brussels Subsidiary has written all Lloyd’s non-life risks from EEA countries from 1 January 2019. Aspen worked closely with Lloyd’s to ensure a smooth transition of applicable policies to Lloyd’s Brussels Subsidiary. Find out more information.
- Aspen continues to service the needs of our EEA insurance customers through other bespoke arrangements.
- Lloyd’s confirmed that it expected all Lloyd’s underwriters, including Aspen, to continue to pay valid claims after Brexit irrespective of whether the UK and EU agreed on a transition period, and that the FCA were supportive of this approach. Read the press release.
- Existing UK and non-EEA policies not impacted by Brexit have continued to be written within Aspen Insurance UK Limited (“AIUK”) and Aspen Managing Agency Limited (“AMAL”).
- Reinsurance business has not been affected by Brexit, with the exception of policies in Germany and the Netherlands where Aspen have taken the appropriate measures to continue to serve its clients and business partners.
Lloyd’s of London
Lloyd’s transferred certain EEA insurance policies to Lloyd’s Brussels, effective 1 January 2021. The transfer has not changed the terms and conditions of any policy, except that Lloyd’s Brussels has become the insurer and Data Controller in respect of the transferred policies.
Further information about the transfer, which policies transferred, your rights and what you need to do can be found at lloyds.com/brexittransfer.
Aspen Insurance UK Limited (AIUK)
Aspen Insurance UK Limited (AIUK) wrote to all EEA regulators in 2020 to set out its Brexit contingency plans. This included running off all its existing European liabilities and ceasing to issue new policies, renew or endorse/ change any terms within existing EEA policies. It also included our plans to pay any claims that may arise in line with the terms of these existing policies. Most European regulators have confirmed their agreement to our proposed approach. We continue to work with EEA regulators to ensure the continued service of these policies.
If you believe you are impacted by the impact of BREXIT on AIUK or have any questions:
• Policyholders should contact their broker or Coverholder, who will engage in conversations with the underwriter.
• Brokers should contact the underwriter via whom the policy was purchased.