Insurance broker Aon has confirmed that it will move its parent company’s jurisdiction of incorporation to Ireland from Britain as a result of Brexit.
However, the New York-listed broker will continue to have its operational headquarters in London.
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The move, the company said, will not impact its business operations, reporting requirements or listings.
“Remaining within the European Union single market will help the firm maintain a stable corporate structure and capital flexibility,” a press statement by the company read.
The move, if approved by shareholders, will create a new publicly held parent company incorporated in Ireland.
It is expected that the transaction will complete by the first quarter of next year.
The Insurance broker also asserted in its press statement that it would maintain “commitment to the UK and the important London insurance market.”
The UK’s departure from the European Union has led to many other insurer companies setting up offices outside of the UK. The list includes Lloyd’s of London, Axa XL, Tokio Marine Group, Liberty Specialty Markets, CNA Hardy, RSA and AIG.
The British insurer set up its Irish subsidiary known as Travelers Insurance Designated Activity Company (Travelers Insurance DAC) in January this year after getting a licence from the Irish central bank.
In March this year, Berkshire Hathaway Insurance Group received permission from the Central Bank of Ireland to establish a subsidiary in Dublin.
