Reinsurance News
5th April 2019
Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance company, has confirmed its decision to relocate to Cologne, Germany from neighbouring Düsseldorf in June. The decision has been well received by the Mayor of Cologne Henriette Reker, who has for the past year been a Read the full article
2nd April 2019
Analysts at Deutsche Bank believe that, while Swiss Re’s planned initial public offering (IPO) of its UK closed book business ReAssure is still on track for 2019, market volatility arising from Brexit remains an ongoing risk. The global reinsurance giant’s Board of Directors proposed plans last month to introduce a ... Read the full article
2nd April 2019
Moody’s Investors Service expects UK life insurers to experience reduced capital and profits in the event of a no-deal Brexit scenario, as well as more limited growth prospects. The rating agency considers UK life players as particularly exposed to a no-deal outcome given their high asset leverage, their significant exposure to ... Read the full article
1st April 2019
Specialty insurer Newline Group has announced the establishment of Newline Europe Versicherung AG (Newline Europe), a subsidiary of Newline Insurance Company Limited that is set to operate from Cologne, Germany. Newline Europe will serve as the company's new European Union (EU) hub. Manuel Wirtz, previously Newline's general representative for Germany, has been appointed ... Read the full article
1st April 2019
French property and casualty (P&C) insurance company La Parisienne Assurances has announced that it plans to establish a UK third country branch (TCB) in preparation for Brexit. La Parisienne explained that the branch would provide stability for its business stakes and development ambitions in the UK given the uncertainty surrounding Brexit ... Read the full article
29th March 2019
Arch Insurance International and Arch MI have announced some changes to their EU operations as part of their Brexit plan, including that Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac) has been authorised by the Central Bank of Ireland to expand the classes of business it writes in the ... Read the full article
29th March 2019
Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE). Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the ... Read the full article
29th March 2019
Luxembourg’s parliament has passed new legislation that will allow UK-based insurers operating in the country to continue to serve EU clients for 21 months in case of a no-deal Brexit scenario, according to reports from Luxembourg Times. The new bill will mean that UK financial companies, including insurers, won’t be considered ... Read the full article
28th March 2019
Global financial services ratings agency, A.M. Best, has maintained its negative outlook on the UK non-life insurance market in light of strong competition, legislative changes, political and economic uncertainty, and increased regulatory scrutiny. A.M. Best expects the profits of UK non-life insurers to remain under pressure in 2019, driven largely by ... Read the full article
21st March 2019
Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, has has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of Brexit. While LSM has opened its new headquarters in Luxembourg it will maintain its branch network in the UK, Continental Europe and the ... Read the full article
20th March 2019
A.M. Best has confirmed that it expects to be able to continue providing credit ratings that can be used for regulatory purposes in both the UK and European Union (EU) after Brexit. The rating agency incorporated a new subsidiary in Amsterdam last year and secured credit rating agency (CRA) registration with ... Read the full article
19th March 2019
As widespread uncertainty, confusion and an overall lack of clarity continues to underpin the UK's departure from the European Union (EU), international financial services ratings agency, A.M. Best, has said that whatever the outcome, UK-rated insurers are generally well prepared for Brexit. Exactly when the UK is to leave the EU ... Read the full article
15th March 2019
Despite the fact MPs voted overwhelmingly to seek an extension to article 50, widespread uncertainty remains for the UK's financial services sector, with a no-deal scenario still very much a possibility. MPs voted in favour of an extension to article 50 by 413 votes to 202, a move that would delay ... Read the full article
7th March 2019
Newline Europe Versicherung AG, the European insurance hub that Odyssey Group Holdings plans to establish ahead of Brexit, has received a Preliminary Credit Assessment (PCA) from rating agency A.M. Best. The firm assigned a Financial Strength Assessment of A pca (Excellent) and a Long-Term Issuer Credit Assessment of ‘a+’ pca to ... Read the full article
6th March 2019
Berkshire Hathaway Insurance Group has announced that its new Irish subsidiary, Berkshire Hathaway European Insurance DAC (BHEI), has been granted a Certificate of Authorisation by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA). Based in Dublin, BHEI will operate as a ... Read the full article
