1st April 2019 - Author: Matt Sheehan French property and casualty (P&C) insurance company La Parisienne Assurances has announced that it plans to establish a UK third country branch (TCB) in preparation for Brexit. La Parisienne explained that the branch would provide stability for its business stakes and development ambitions in the UK given the uncertainty surrounding Brexit negotiations. The insurer has also decided to register for the Temporary Permissions Regime to allow it to continue its activities in the UK whilst the application for authorisation as a branch is processed by UK regulators. It currently carries out its activities using the passporting rights provided in the Solvency II Directive, on a freedom of service basis. La Parisienne has underwritten business in the UK since 2010 and distributes its products with several traditional MGAs, mainly on the Motor market. The company also offers the reinsurance market the ability to participate and share in its technology and products, and has undertaken business with new and innovative UK Insurtech MGAs. La Parisienne said that it had multiplied its turnover by 3 in the UK market in 2018 and expects to grow further in the coming years. “I am extremely satisfied with our rapidly growing business in the UK, thanks to our ability to design innovative insurance products in less than 10 weeks, that fully meet the end-consumer’s expectations of a changing world,” said Olivier Jaillon, Chief Enablement Officer of La Parisienne.
Property and casualty insurer the Temporary Permissions Regime is setting up a UK third-country branch ahead of Brexit. The French company is hoping the move will give its UK business greater stability amid ongoing uncertainty over Brexit. La Parisienne is also planning to register for La Parisienne Assurances in order to continue offering its services to British customers, while UK regulators process its application to set up a branch.