Insurer picks London ahead of other domiciles
Belgium-based Chubb Europe is to redomicile to the UK next year, the insurer announced this week.
The company – the European subsidiary of US insurance giant Chubb – is understood to have looked at a number of other jurisdictions, including tax-favourable domiciles such as Ireland, Malta and Gibraltar.
Chubb will set up an FSA-regulated insurance company to begin trading from 1 January 2009.
The new UK company will take over all the liabilities, assets including capital, staff and infrastructure from the Belgian company, which will be dissolved from 31 December 2008 and de-authorised .
In a statement Chubb said: “As of 1 January 2009, Chubb Europe will have its European headquarters in the UK.
“Chubb considers it appropriate to align its operational head office with its registered office. This is supported by the Belgian regulator, the CBFA.”
The new UK company will remain a wholly-owned subsidiary of the Chubb Corporation and retain the same financial strength ratings.
Chubb said there would be no planned changes to Chubb Europe’s business strategy.
Two years ago, Ace Europe redomiciled to the UK from Belgium.