Royal London Gets Nod For £1B Brexit Transfer Scheme

Law360, London (February 5, 2019, 5:30 PM GMT) -- A London judge Tuesday morning approved plans for Royal London Mutual Insurance Society, the U.K.'s largest mutual insurer, to transfer its £1 billion ($1.30 billion) European business to Ireland over concerns about the uncertainties surrounding a no-deal Brexit.

In a short hearing, High Court Judge Richard A. Snowden sanctioned the insurer's plan to move hundreds of thousands of policies belonging to European customers that are currently managed in the U.K. to a newly created Royal London subsidiary operating across the Irish Sea.

The 22-page order found it was "reasonable" for Royal London's board to avoid the risk of its U.K. business...

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