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Brexit

Beazley receives green light to establish Dublin-based insurer

13th July 2017

The Central Bank of Ireland has authorised specialist insurer Beazley to convert its Dublin reinsurance firm into an insurer, after Beazley requested to transfer insurance transactions to Ireland to protect its European business after the Brexit vote. The reinsurer, Beazley Reinsurance Designated Activity Company (dac) was first established in 2009, with ... Read the full article

Liberty Specialty Markets selects Luxembourg as post-Brexit EU domicile

4th July 2017

International provider of specialty and commercial insurance and reinsurance solutions, Liberty Specialty Markets (LSM), has selected Luxembourg as the home of its post-Brexit European operations, the company has announced. The firm has said that after conducting thorough analysis of a number of potential jurisdictions, it will seek the necessary regulatory approvals ... Read the full article

UK government working to secure post-Brexit re/insurance success: Stephen Barclay

4th July 2017

Speaking to the Association of British Insurers, UK Economic Secretary Stephen Barclay said in Brexit negotiations the government would prioritise the "three essential components" of regulatory standards that match international requirements, cooperation between supervisors, and creating permanent and predictable systems that give the business world the stability needed for long-term ... Read the full article

MS Amlin to shift EU business to Belgium in wake of Brexit

28th June 2017

Global specialist insurance and reinsurance firm MS Amlin is to shift and redomicile its European business from London to Belgium, as a response to Brexit, although the firm's global headquarters will remain in the UK. The Amlin Insurance Societas Europaea (S.E.) (“AISE”) business will move to Belgium, a country where MS ... Read the full article

Ogden rate & market innovation: UK Economic Secretary Steven Barclay

28th June 2017

The UK Economic Secretary Steven Barclay said yesterday in a speech at the Association of British Insurers conference, the government is consulting on how to set the Ogden rate for England and Wales, to ensure a "better and fairer system for claimants and defendants." Barclay said; "We are currently considering the ... Read the full article

Global reinsurers call for post-Brexit continuity

26th June 2017

Some of the largest reinsurance companies in the world are calling for the UK and EU to maintain continuity, calling for existing access arrangements to be maintained between the pair, in a letter seen by Reuters. For UK insurers and reinsurers, continued access to European markets after Brexit has been implemented ... Read the full article

London re/insurance centre will remain unchallenged by Brexit: Aon Benfield

16th June 2017

An Aon Benfield publication on the potential impact of Brexit on re/insurers states the London specialty re/insurance centre will remain unscathed and unchallenged by EU departure, due to London-based reinsurers' not having to rely on single market access to sell solutions to European clients. This is down to the relative proportion of ... Read the full article

FM Global gets license for Luxembourg subsidiary

31st May 2017

Commercial property insurer FM Global has been granted a license in Luxembourg, enabling the insurer to continue to deliver coverage to policyholders throughout the European Economic Area (EEA). “We chose Luxembourg as our EEA hub because it’s a multinational business-friendly financial center with regulatory expertise that enables us to remain true to ... Read the full article

Insurance leaders concerned at London’s ability to attract capital & talent post-Brexit: DWF

23rd May 2017

FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article

Markel responds to Brexit with plans to establish German insurance company

18th May 2017

Re/insurer Markel has announced plans to open a branch in Germany to ensure it can continue to service its EU-clients after Britain leaves the union and to support its EU-27 growth strategy. The branch is set to be opened in Munich within the first half of 2018, and no later than ... Read the full article

Lloyd’s Inga Beale calls on the City of London to support re/insurance modernisation

10th May 2017

Lloyd's Chief Executive Officer (CEO), Inga Beale, has said London's access to talent and emerging markets must be prioritised if the city's re/insurance industry is to thrive in future years. And while these factors could become increasingly challenged in an era of populism and protectionism, Beale said she believes Brexit could ... Read the full article

Brexit not expected to dramatically impact reinsurance at Hannover Re: CEO, Wallen

10th May 2017

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, ... Read the full article

Global reinsurers taking market share from London: LMG

9th May 2017

Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article

Hiscox to establish EU subsidiary in Luxembourg

9th May 2017

Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move. The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will ... Read the full article

New EU base to boost Lloyd’s European market share: John Nelson

27th April 2017

Chairman of the specialist Lloyd's of London insurance and reinsurance marketplace, John Nelson, has said the establishment of a base in mainland Europe will help the insurer increase its European market share. Lloyd's announced earlier this year that it would establish an insurance subsidiary in Brussels, Belgium, as its European Union ... Read the full article

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