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 implemented:
• Aspen is utilizing the Lloyd’s Belgium Subsidiary, Lloyd’s Insurance Company S.A (“Lloyd’s Brussels”), through Aspen Managing Agency Limited (“AMAL”). Lloyd’s Brussels is authorised and regulated by the National Bank of Belgium and regulated by the Financial Services and Markets Authority. Lloyd’s Brussels has written all non-life risks from EEA countries since 1 January 2019.
• Aspen has worked closely with Lloyd’s to ensure a smooth transition of applicable policies to Lloyd’s Brussels.
• Aspen is also servicing the needs of our EEA insurance customers through other bespoke and contingency arrangements.
• Lloyd’s with the support of the FCA, have confirmed that it expects all Lloyd’s underwriters, including Aspen, to continue to pay valid claims during the transition period following Brexit.
• Existing UK and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK Limited (“AIUK”) and AMAL.
• We do not believe that our reinsurance business will be affected by Brexit, but this is subject to political agreements regarding Solvency II equivalence.
Lloyd’s of London
Lloyd’s completed its transfer of certain EEA insurance policies to Lloyd’s Brussels by way of a Part VII Transfer Scheme on 30 December 2020. The transfer does not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer.
Aspen Insurance UK Limited
AIUK wrote to all EEA regulators on 28 April 2020 to set out its Brexit contingency plans. AIUK is currently running off all its existing European liabilities and ceasing to issue new policies, renew or endorse/ change any terms within existing EEA policies.
AIUK also plans to pay any claims that may arise in line with the run-off plan agreed by EEA regulators and the terms of these existing policies.
If you believe you are impacted by this decision 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.