Given its high business stakes and development ambitions in the UK, and in the current context of uncertainty related to the ongoing Brexit process, La Parisienne Assurances has decided not only to register for the Temporary Permissions Regime but to establish a UK third country branch (TCB).
La Parisienne currently carries out its activities using the “passporting” rights provided in the Solvency II Directive, on a freedom of services basis. Entering the Temporary Permissions Regime will allow La Parisienne to continue its activities in the UK whilst the application for authorization as a Branch is processed by the UK regulators (the exact date of establishment will depend on the speed of the UK regulators and the final Brexit outcome).
La Parisienne has since 2010 underwritten business in the UK and distributes its products with several traditional MGAs, mainly on the Motor market. The company provides also to the reinsurance market the ability to participate and share in La Parisienne’s technology and products. Furthermore, understanding the insurance sector disruption and evolution, and notably the Usage-based market, La Parisienne has also undertaken business with new and innovative UK Insurtech MGAs.
This positioning and its direct presence in the UK will enable La Parisienne to secure and further develop its new business in this fast-growing market. La Parisienne has multiplied its turnover by 3 in the UK market in 2018 and is expected to grow even more 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-consummer’s expectations of a changing world.” explains Olivier Jaillon, Chief Enablement Officer of La Parisienne.