The Chief Executive Officer (CEO) of global insurance and reinsurance broker JLT Group, Dominic Burke, has reportedly told Reuters that the firm is “working on a position of a no-deal Brexit.”
Exactly what the UK’s vote to leave the European Union (EU) means for the country and its financial services industry remains extremely uncertain, with discussions in recent days suggesting an increased chance of a no-deal Brexit.
In response to the Brexit vote, a number of insurers, reinsurers, brokers, and other financial services entities, which are an extremely vital part of the UK’s economy, have already established or are in the process of establishing subsidiaries in remaining EU member countries to ensure continuity for their customers post-Brexit.
“We are working on a position of a no-deal Brexit,” Burke told Reuters.
He did stress that the broker was confident that it would be able to continue to serve customers across the continent, something the firm also highlighted in its first-half 2018 results.
“The Group has continued its preparatory work for Brexit and to strengthen its representation in the EU,” said JLT, adding that this includes its acquisitions of OWL Marine Insurance Brokers and Belgibo.
“JLT does not anticipate that Brexit will materially impact its ability to serve clients and access markets in the EU. The Group continues to monitor events closely working with its (re)insurance partners and clients,” said JLT.
The fact JLT is preparing for a no-deal Brexit suggests the company isn’t confident the UK can get everything in order by March 2019, and this might well be the opinion of other companies within the UK’s financial services sector.
A no-deal Brexit could result in more insurance and reinsurance industry jobs leaving London for Europe, although, like much of Brexit, there remains widespread uncertainty.
