History and evolution
Millennium Insurance Company Limited was created in 2001 under the British legislation, were business was developed in more than 15 countries of the European Union, giving great satisfaction to policyholders.
Brexit situation with the departure of the United Kingdom from the European Union marked a turning point in the history of the company.
Due to Brexit, and the impossibility of being able to continue providing service from Gibraltar and the United Kingdom to the European market, its Spanish holding company (Defensa y Servicio al Asegurado, known as DSA) studied several alternatives to continue providing service to policyholders. There were several years of study regarding different alternatives, documentation preparation, conversations with different regulators, etc., until finally authorization was obtained in another member country of the European Economic Area that would allow insurance to continue in the European Union, specifically in France.
From that moment, in which Brexit become active, January 2021, the holding company has two completely independent companies: one based in Gibraltar, authorized by and regulated by the GFSC to continue with the British business and other countries outside of the European Union; and MIC Insurance Company SA, authorized by the French regulator ACPR, (Autorité de contrôle prudentiel et de résolution), and registered in France in the “Registre des organismes d’assurance” with the code 885.241.208, to continue working in the European market, specifically France and Spain, where practically all the business is concentrated. The rest of the European countries in which MIC works was carried out under the freedom to provide services were authorized to be transferred to MIC Insurance and to continue managing the portfolio. Starting in January 2022, MIC Insurance encourages its position in the Spanish market by stablishing the Spanish branch, from which it works under the right of establishment regime (D.G.S. – Code E0248).