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Brexit

No-deal Brexit poses risk for re/insurers despite fall-back plans: Fitch

11th December 2018

Interim solutions and contingency planning are reducing some of the risks of a ‘no-deal’ Brexit, but it remains uncertain how restrictions on cross-border authorisation could potentially impact re/insurers and other financial institutions (FIs), according to analysts at Fitch Ratings. The rating agency noted that a range of potential Brexit outcomes still ... Read the full article

Artex’s Malta PCC offers UK brokers no-deal Brexit alternative

10th December 2018

As the UK’s exit from the European Union continues to stir uncertainty throughout the financial sector, Artex Risk Solutions hopes to provide small-to-medium sized brokers with a relatively low-cost and convenient way of continuing operations on the continent with the formation of a Malta-based Protected Cell Company (PCC). Theresa May’s draft ... Read the full article

QBE European Operations adds trio of underwriters to trade credit team

6th December 2018

QBE European Operations, part of the QBE Insurance Group, has added three underwriters to its trade credit team as it seeks to take advantage of the Brexit-driven increase in demand for trade credit cover. According to recent Association of British Insurers (ABI) figures, trade credit insurance claims in the UK have ... Read the full article

CNA Hardy receives Brexit structure approval

6th December 2018

Specialist commercial insurer CNA Hardy has announced that CNA Insurance Company Limited (CICL) has received approval to transfer its European business to its new Luxembourg subsidiary. The approval from the High Court of England & Wales enables the firm, which provides insurance for clients within the Lloyd's and company markets, to ... Read the full article

Lloyd’s Brussels to write proportional treaty reinsurance from March 2019

6th December 2018

The specialist Lloyd’s of London insurance and reinsurance market has confirmed that its post-Brexit European base in Brussels, Belgium will be able to write proportional treaty reinsurance from 1 March 2019. Lloyd’s Brussels, which is due to launch next month, was already set to commence writing and processing facultative reinsurance ... Read the full article

LMG urges progress on post-Brexit equivalence for insurers, brokers

6th December 2018

The London Market Group has underscored changes it believes must be made to the European Union equivalence regime ahead of “one of the most critical decisions in a generation” taking place in the House of Commons. MPs are due to vote on the Government’s Withdrawal Agreement and the Political Declaration on ... Read the full article

Brexit concerns may create new market for re/insurers, says GlobalData

6th December 2018

Ongoing concerns among smaller UK businesses about the eventual outcome of Brexit negotiations could create a sizeable short-term market for re/insurers to take advantage of, according to data and analytics firm GlobalData. A recent survey of small and medium-sized enterprises (SMEs) in the UK found that Brexit continues to be the ... Read the full article

RSA approved to move European business to Luxembourg branch

5th December 2018

RSA Group, one of the largest UK commercial insurers, has received regulatory approval to transfer the European insurance business of its UK subsidiary, Royal & Sun Alliance Insurance plc (RSAI), to RSA Luxembourg S.A. (RSAL), its recently established post-Brexit hub. The Part VII transfer, which was sanctioned by the High ... Read the full article

A.M. Best to set up post-Brexit hub in Amsterdam

4th December 2018

A.M. Best has announced plans to establish a new subsidiary in Amsterdam to ensure it can continue to deliver rating services throughout the European Union (EU) once the UK leaves in March 2019. The new subsidiary, called A.M. Best (EU) Rating Services B.V., has now been registered as a credit rating ... Read the full article

AIG’s new European post-Brexit carriers receive stable ratings

30th November 2018

Moody’s has assigned A2 insurance financial strength (IFS) ratings and stable outlooks to American International Group’s (AIG) new post-Brexit European carriers, AIG UK Limited and Luxembourg-based AIG Europe S.A. (AESA). AIG recently formed these units in order to ensure continuity of service for it its European policyholders and business partners once ... Read the full article

Campaign aims to attract UK-based businesses to Brussels post-Brexit

27th November 2018

As the prospect of a ‘no-deal’ Brexit continues to incite uncertainty for UK organisations that rely upon a base within the European Union for business, Belgium is attempting to convince firms to to base themselves in its Brussels Capital Region. Backed by the Brussels’ regional government, regional trade associations and industry ... Read the full article

Germany prepares for no-deal Brexit with draft law for UK financial firms

26th November 2018

Germany’s Federal Financial Supervisory Authority (BaFin) has published a draft law aimed at preserving market access for UK firms offering banking, financial or insurance services under the European passport regime should Brexit negotiations culminate in a ‘no-deal’ scenario. Amendments to the German Banking Act would, in a no-deal scenario, empower BaFin ... Read the full article

Solid performance from Gibraltar insurers while Brexit uncertainty looms: A.M. Best

26th November 2018

Although the lion's share of Gibraltar’s insurance market business comes from the UK, A.M. Best expects companies to be largely unaffected by the loss of European Union passporting rights post-Brexit. There are, however, a number of firms that will need to make contingency plans or cease to underwrite business in ... Read the full article

ABI Director General Huw Evans reacts to latest Brexit draft agreement

23rd November 2018

The Director General of the Association of British Insurers (ABI), Huw Evans, has said that, while the ABI are pleased to see yesterday’s commitment to assessing equivalence as soon as possible, regulatory cooperation is very important and must follow from any political agreement. Evans’ statement follows the news that a draft ... Read the full article

Robus opens post-Brexit European hub in Malta

22nd November 2018

Robus Group, an independent insurance management, fiduciary and financial advisory group, has opened a new office in Malta to ensure that its clients can continue to access the European Single Market once the UK leaves the European Union (EU) in March 2019. Jonathan Abela has been appointed to lead the Malta ... Read the full article

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