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Reinsurance News
6th November 2019
Malta could develop into an alternative base for UK re/insurers after Brexit, according to leading figures from financial and re/insurance industry bodies in Malta. Speaking at a recent roundtable in London, Matthew Bianchi, Governor of FinanceMalta, said expected the jurisdiction to evolve into an attractive option for re/insurers looking to retain ... Read the full article
29th October 2019
As a result of Brexit and a subsequent desire to remain within the European Union (EU) single market, global insurance and reinsurance broker, Aon, has filed a preliminary proxy statement to move the jurisdiction of incorporation for the firm's parent company from the UK to Ireland. According to Aon, "Remaining within ... Read the full article
10th October 2019
As London market participants continue to prepare for the uncertain impacts of Brexit, the amount of new business being generated through established European branches and the volume of controlled business written in Europe (excluding the UK and Ireland), increased by more than 9% to £4.89 billion in 2018, reports the ... Read the full article
3rd October 2019
Everest Insurance (Ireland), DAC (EIID) has revealed that its UK branch is now fully operational and has the ability to write a variety of business lines. Established in 2017, EIID enables insurer and reinsurer Everest to continue operating throughout the EU post-Brexit, providing its clients with continuity. In April of this year, ... Read the full article
25th September 2019
Specialist renewable energy insurer GCube has bolstered its European presence with the establishment of a new base in Amsterdam, which will serve as a hub to service clients following the UK’s exit from the European Union (EU). At the same time, GCube has appointed Andries Veldstra and Elkhadir El Hammdaoui as ... Read the full article
2nd September 2019
London may lose as much as £61 billion of insurance business as a result of the UK’s decision to leave the European Union (EU), according to reports from Bloomberg. The publication noted that huge amounts of business are being shifted over to rival financial centres on the continent, which will continue ... Read the full article
5th August 2019
In the event of a no-deal Brexit, which is currently seen as increasingly likely to occur, as many as 42% of financial services firms are considering moving their UK businesses to a new global centre. A survey undertaken by global consultancy and advisory EY found that while the majority of financial ... Read the full article
29th July 2019
The London Market Group (LMG) has urged the UK Government to seek reinsurance equivalence under Solvency II regulations to guarantee London market firms continued access to the EU market after Brexit. When negotiating its future trading relationship with the EU, the LMG argued that the UK should prioritise the access of ... Read the full article
29th July 2019
Following the appointment of Boris Johnson as the new Prime Minister of the UK and subsequent Cabinet reshuffle, the Association of British Insurers (ABI) has underlined the importance of the new Government supporting the UK's insurance industry and implementing an orderly Brexit. Huw Evans, Director General of the ABI stressed that ... Read the full article
2nd July 2019
S&P Global Ratings sees broadly stable trends for the UK insurance sector but warns that a no-deal Brexit outcome could have important long and short-term implications for the UK economy, which could be a key risk for ratings on UK insurance firms. The global financial services ratings agency maintains a base-case ... Read the full article
27th June 2019
According to data from EY, the impact of Brexit on UK financial services has reached nearly £4 billion as of May 31, 2019. This sum includes costs of £1.3 billion for relocating staff and operations, legal advice, and contingency provisions, as well as an additional £2.6bn for capital injections to scale ... Read the full article
17th June 2019
The Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal cliff edge”, according to Mr Sam Woods, Deputy Dovernor for Prudential Regulation and Chief Executive Officer (CEO) of the PRA, Bank of England. Speaking at the MMC Rising Professionals’ Global Forum, Woods told ... Read the full article
13th June 2019
The impact of Brexit on the London re/insurance market will be minimal, constituting only “a sideshow” to larger global political crises, according to Richard Dearlove, Non-executive Chairman of Ascot Underwriting. “The London insurance industry is a global industry, not a European industry, so the effect of Brexit will probably be very ... Read the full article
16th April 2019
Shepherd Compello, a specialist insurance brokerage, has announced the opening of Shepherd Compello B.V., in Assen, the Netherlands, to support the company's growth ambitions across Europe. Shepherd Compello B.V. is the broker's new international company, which received a licence to trade as an Insurance Agency from the Netherlands AFM on January ... Read the full article
8th April 2019
A majority of UK businesses believe that the impact of Brexit will be far more difficult to prepare for than Y2K/the Millennium Bug, according to a survey by software testing and monitoring firm Eggplant. The study found that 81% of businesses are likely to review or update existing business processes and ... Read the full article
