Reinsurance News
19th April 2018
American International Group (AIG) has announced the authorisation of two new insurers in the UK and Luxembourg, and has outlined plans to transfer all business to the new entities ahead of the UK’s departure from the European Union (EU) in March, 2019. AIG’s restructure involves the transfer of AIG Europe Limited’s ... Read the full article
28th March 2018
The Bank of England (BoE) has welcomed the European Union’s (EU) decision to allow a Brexit implementation period, and has assured the re/insurance industry that it can plan to operate as normal during this time, although companies may need to seek authorisation subsequently. UK and EU governments last month agreed to ... Read the full article
28th March 2018
Brexit uncertainty has led to cautious, flat sentiment amongst insurers as the industry braces for volatile trends in business and the broader economic landscape, according to the latest CBI/PwC financial services survey. However, the survey notes a continued emphasis on investment in technology and training of staff to drive innovation as ... Read the full article
21st March 2018
The British Insurance Brokers’ Association (BIBA) and the Worldwide Broker Network (WBN) have signed an agreement that facilitates the introduction of BIBA member firms to one of WBN's member firms in an EU member country, in order to ensure continuity post-Brexit. The arrangement is scheduled to be launched to members by ... Read the full article
19th March 2018
The UK government and the European Union have reached an agreement today on what they term a "large part" of the transition agreement for the UK leaving the EU. The agreement on a so-called Brexit transition deal is designed to provide for a smoother exit from the EU for the UK ... Read the full article
19th March 2018
XL Catlin’s London-based re/insurance operations have announced that an innovative new contract clause will be added to their policies to address concerns that continuity may be affected by the UK’s anticipated departure from the European Union (EU). The clause, which will factor in uncertainties like loss of passporting rights, will be ... Read the full article
16th March 2018
In its March 2018 Global Insurance Review, law firm Sidley has reviewed the impact that the European Union’s (EU) General Data Protection Regulation (GDPR) is likely to have on the European re/insurance industry, and concluded that the ramifications will be significant and potentially onerous. The GDPR was introduced in May 2016 ... Read the full article
13th March 2018
While uncertainty around the UK’s withdrawal from the EU has acted as a brake on European M&A activity as re/insurers focus on post-Brexit strategies, Clyde & Co expects the volume of deals in the region to increase once firms' Brexit preparations are complete. Transactions have slipped down the agenda as insurers ... Read the full article
1st March 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale warned at the Association of British Insurers (ABI) conference that the London re/insurance centre is losing market share and relevance, as emerging markets gain traction in the global re/insurance hub space, A.M. Best reported. Beale said that while London remains the largest global insurance ... Read the full article
28th February 2018
Insurer Admiral Group is the latest to reveal plans for a new European Union hub office in order to maintain continuity in its trading needs after the UK's exit from the EU under Brexit. Admiral Group intends to set up entities in Spain and has already put in applications with the ... Read the full article
28th February 2018
Hopes for the UK government to lay out clear grounds for businesses during the transition period appear to have been dashed after the government's response to the Treasury Select Committee’s report on transitional arrangements for exiting the EU leaves re/insurers in an "unacceptable position" according to Steve White, Chief Executive ... Read the full article
27th February 2018
UK life insurers are facing material longevity risks as the sector undergoes significant change leading to increased diversification of business and products and spurring demand for longevity reinsurance uptake, according to a recent S&P report. "Historical sales of individual annuities mean that longevity risk will still be material in the future. "However, ... Read the full article
27th February 2018
Huw Evans, Director General of the Association of British Insurers (ABI), has dedicated his speech at the association’s annual dinner to criticising the conduct of the British Government in recent negotiations concerning the UK’s departure from the European Union (EU), and has stressed the insurance industry’s need for a straightforward ... Read the full article
26th February 2018
The London Market Group has revealed plans to make claims transformation a top priority for its Target Operating Model (TOM) in 2018 while continuing to focus on Brexit, electronic placing, and further development of the LMA Academy in Lloyd’s overseas hubs. Shirine Khoury Haq, Chief Operating Officer of Lloyd's and sponsor of ... Read the full article
22nd February 2018
Steamship Mutual, a British ship insurance company, is reportedly planning to establish a new Netherlands subsidiary in response to the UK's vote to leave the European Union (EU), according to Reuters. Widespread uncertainty still surrounds the Brexit process, and in response a number of insurers and reinsurers have announced plans to ... Read the full article
