The Chief Executive Officer (CEO) of reinsurer Hannover Re, Ulrich Wallen, said during the firm’s annual general meeting (AGM) that it doesn’t expect the UK’s Brexit vote to dramatically impact its reinsurance operations, reported Reuters.
Domiciled in Germany, Hannover Re has a branch in the UK from which it writes property, casualty, life and health reinsurance business. And despite the UK’s vote to leave the European Union (EU) Wallen appears confident that even in the event of a hard Brexit, the reinsurer would still “be able to underwrite British business.”
“We expect that Brexit will have no substantial influence on the demand for reinsurance from primary insurance companies,” said Wallen. Continuing to explain that were the UK to experience a hard Brexit, which would see Britain lose its access to the EU common market, the reinsurer would seek to capitalise its British office, as it’s done in both Australia and Canada.
The implications of Brexit and the upcoming snap election in the UK on the region’s global insurance and reinsurance business uncertain, with reports emerging recently of global reinsurers taking an increasing portion of the reinsurance market share from London.