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Brexit

AXA XL authorised to move insurance subsidiary to Ireland amid brexit uncertainty

17th October 2018

AXA XL has taken a step closer to moving its European Union insurance company, XL Insurance Company SE (XLICSE), from the UK to Ireland with the news that it has received authorisation in principle from the Central Bank of Ireland. The purpose of the move is to ensure continuity following the ... Read the full article

Chairman of LIIBA welcomes Lloyd’s post-brexit claims commitment

12th October 2018

The Chairman of the London and International Insurance Brokers' Association, Roy White, has welcomed Lloyd’s announcement that the market will honour valid claims in the event the UK leaves the European Union with no transition or implementation period. White stated that LIIBA welcomes the publication of the Lloyd’s statement of ... Read the full article

Re/insurers are “past the point of no return” for Brexit plans: S&P

11th October 2018

A new report by S&P Global has claimed that financial institutions (FIs) are now “past the point of no return” in regard to the implementation of their Brexit contingency plans, which can no longer be reversed whatever the outcome of the UK’s negotiations with the EU. Many FIs have already begun ... Read the full article

Lloyd’s commits to pay all valid claims in no-deal brexit scenario

10th October 2018

Lloyd’s has announced that it is working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer. In the event that the UK leaves the European Union before then with no transition or implementation period, Lloyd’s underwriters will continue ... Read the full article

Lloyds is ‘accelerating’ Brexit plans over no-deal fears, says CEO Beale

8th October 2018

Lloyd’s of London is ‘accelerating’ its Brexit contingency plans, which include contract transfers to its new subsidiary in Brussels, due to a growing concern that the UK will leave the European Union (EU) in 2019 in a ‘no-deal' scenario, according to its Chief Executive Officer (CEO) Inga Beale. Speaking in an ... Read the full article

GDPR & cyber concerns hindering UK SME’s Brexit planning: Zurich

28th September 2018

Complex Issues such as GDPR compliance plus concerns surrounding cyber security may be causing the UK’s small medium-sized business to overlook the importance of planning for Brexit, finds broker survey conducted by Zurich. 24% of respondents said that their SME clients now ask them about GDPR on a regular basis. However, regular ... Read the full article

Prepare for no-deal Brexit, German government tells re/insurers

27th September 2018

Germany's Deputy Finance Minister Joerg Kukies is encouraging insurance and reinsurance firms to prepare for the UK's Brexit negotiations to end in no-deal. According to Reuters, the Minister called on re/insurers to make preparations for the UK crashing out of the EU without a deal, but also noted that Germany is ... Read the full article

Lloyd’s new Brussels subsidiary doesn’t secure full EU access post-Brexit

21st September 2018

The specialist Lloyd's of London insurance and reinsurance marketplace could lose access to both the Polish and German market for treaty reinsurance from 1/1 2019, regardless of its new Brussels subsidiary. Lloyd's Chief Executive Officer (CEO), Inga Beale, explained during the company's H1 2018 earnings call this morning that regarding ... Read the full article

Lloyd’s releases policy documentation for post-Brexit Brussels subsidiary

19th September 2018

Lloyd’s has published a new suite of policy documentation to support the underwriting of risks from the European Economic Area (EEA) by its new post-Brexit subsidiary, Lloyd’s Brussels, which is due to commence business on 1 January 2019. The new documents were prepared by the Lloyd's Market Association’s (LMA) wordings team, ... Read the full article

Bermuda reinsurance market proves resilient to challenges: A.M. Best

12th September 2018

Bermuda continues to hold its niche position in the reinsurance sector despite a number of recent challenges, including U.S tax reform, a shrinking pool of reinsurance companies due to M&A activity, and, to a lesser extent, the uncertainty caused by Brexit, according to A.M. Best. Bermuda is assessed as a CRT-2 ... Read the full article

Bermuda’s re/insurance sector is committed to the EU: ABIR

7th September 2018

Bermuda's insurance and reinsurance industry remains committed to the European Union (EU), and companies domiciled on the island continue to assume increasing volumes of risk in EU member states, according to the Association of Bermuda Insurers & Reinsurers (ABIR). A recent survey by the ABIR, which collected 2017 data from all ... Read the full article

RSA opens post-Brexit Luxembourg hub, led by Richard Turner

3rd September 2018

RSA Insurance Group has opened a new office in Luxembourg as part of its preparations for the UK’s exit from the European Union (EU), and has appointed Richard Turner to lead it. The office will provide a platform for RSA in Europe post-Brexit, minimising disruption to business with EU-based customers and ... Read the full article

Political solution needed to ensure contract continuity post-Brexit: BaFin President

31st August 2018

In a recent interview with Bloomberg TV, Felix Hufeld, the President of Germany's financial regulatory authority, BaFin, called for a political solution to ensure contract continuity post-Brexit, with billions of contracts, including insurance, in need of some level of security. Reinsurance News discussed recently that it appears the UK is ... Read the full article

Luxembourg proving attractive but post-Brexit EU domicile choice varied

28th August 2018

A number of UK insurers and reinsurers have established new EU hubs to ensure continuity post-Brexit amid a real lack of clarity, with the new domicile of choice being driven by specific considerations, according to A.M. Best. UK insurers and reinsurers continue to move forward with their post-Brexit plans amid ... Read the full article

UK puts onus on EU to solve no-deal passporting issues

24th August 2018

The UK government's no-deal Brexit document suggests that UK firms that have relied on passporting rights may not be able to do business at all in the European Economic Area (EEA) if there is no deal, and the document appears to put the onus on the European Union (EU) to ... Read the full article

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