Dublin to raise the UK out of the EU as a Prudential movement of EU business

  • Dublin to raise the UK out of the EU as a Prudential movement of EU business
    Independent.t. E.
    Prudential insurance company plans to consolidate all of the rooms-British European insurance business in Dublin branch in preparation for the UK exit from the European Union.
    https://www.independent.ie/business/brexit/dublin-brexit-boost-as-prudential-moves-eu-business-37239070.html
    https://www.independent.ie/business/irish/article37239069.ece/8306c/AUTOCROP/h342/2018-08-22_bus_43457062_I1.JPG

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Prudential insurance company plans to consolidate all of the rooms-British European insurance business in Dublin branch in preparation for the UK exit from the European Union.

Politics from Malta, France, Germany and Ireland will all get your Irish company, Prudential International warranty PLC (PIA), from UK-based company the Prudential assurance company (PAC), a letter to customers Reuters showed.

The business currently written by the Polish branch of PAC to transfer to the new Polish division of the PIA, the company wrote. “This means that PIA will be the main insurer Prudential supervision in the EU”, – said in the letter. Currently the plan will be approved by regulators and the courts, and should go live in early 2019, said a company representative.

Prudential was delivered by a licensed organisation in Dublin since 1994 and a large part of his insurance sold offshore or in Europe are already written there, ‘ he said. A number of books on business transfer was closed to new business, he said, adding that no employees should be hired or to move from UK to Ireland as a result of changes.

The company is working to plan an offshoot of the British and European business from its international operations, breaking the 170-year-old insurer to refocus on growing markets major shake-up for the sector.

British insurers started to change their tactics to reduce their impact on capital-intensive products after the introduction of strict European rules of solvency, as well as looking for ways to cope with increasing collection pressure.

Wise said that this separation of savings and investment-oriented M&G Prudential, which will be based in London, leaving Prudential PLC is focused on life insurance and asset management in the rapidly growing markets of Asia and Africa, and the United States, which is less strictly regulated than in Europe.

International business will also be headquartered and registered in London, is headed by chief Executive Mike wells.

“We want to grow this episode is capital-light,” Mr wells said M&G Prudential, adding that it will be “rivalries” for people and capital. Prudential will also move a legal entity of its insurance subsidiaries Hong Kong to Asia from the UK, further reducing the impact of European rules in relation to capital. (Reuters)

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