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Aspen looking to establish new insurance unit in Ireland

Aspen Insurance Holdings Ltd. has submitted an application to the Central Bank of Ireland for the authorization of a new insurance subsidiary in Dublin.

The new Irish subsidiary, to be called Aspen Insurance Ireland DAC, is aimed at ensuring the continuity of Aspen's services in the European Economic Area following the U.K.'s exit from the EU. Aspen will also use the proposed Lloyd's Belgium subsidiary through Aspen Managing Agency Ltd.

Aspen Insurance Ireland expects to be operational by the first quarter of 2019, subject to regulatory approval. The unit plans to write casualty, credit and political risk, accident and health, and commercial property lines of businesses.

The existing U.K. and non-EEA policies not impacted by Brexit will continue to be written within Aspen Insurance UK Ltd., the company said. Aspen does not expect its reinsurance business to be affected by Brexit, subject to political agreements regarding Solvency II equivalence.