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Brexit news

Brexit news of relevance to the insurance and reinsurance market.

Brexit has ramifications for UK and London market insurance and reinsurance firms access to the EU and vice versa.

COVID-19 impacts UK manufacturers supply chain for Brexit: Lockton

27th November 2020

Insurance broker Lockton has released a report exploring how the COVID-19 pandemic has impacted the preparations for 500 different UK manufacturers. In its survey, 46% had said that their supply chain plans have been negatively affected by the pandemic, with a further 25% stating they have not made the appropriate arrangements, ... Read the full article

Lloyd’s post-brexit hub gets final High Court approval

25th November 2020

Lloyd’s of London has received final approval from the High Court of England and Wales to transfer European Economic Area policies to its Belgium-based subsidiary. The establishment of Lloyd's Europe was first announced in the wake of Britain’s vote to leave the EU, driven by an absence of clarity around the consequences ... Read the full article

UK Gov to reform Solvency II risk margins after Brexit

20th October 2020

As part of its review into Solvency II, the UK Government is planning to reform risk margin rules once the transition period with the EU has ended. Back in June, the government said it would review Solvency II ahead of the December 31st transition deadline to make sure all rules ... Read the full article

O2 Broking registered as first Lloyd’s broker in Denmark

19th October 2020

O2 Broking ApS has been approved as the first Lloyd’s Registered Broker in Denmark as part of the re/insurance marketplace's preparations for Brexit. Lloyd's previously established a hub in Brussels to help it transition smoothly as the UK exits the European Union. However, subject to current negotiations between UK and EU about ... Read the full article

LIIBA survey highlights Belgium’s post-Brexit appeal for brokers

23rd September 2020

A survey undertaken by LIIBA has highlighted Belgium as the location of choice for London brokers' EU entities post-Brexit. Nearly a quarter of broking houses chose the country, with Ireland and France the next most popular locations, accounting for 16% each. “Brokers have worked hard to ensure that they are prepared for ... Read the full article

Piiq Risk Partners approved to launch French operation

20th July 2020

Piiq Risk Partners, a global aerospace insurance and reinsurance brokerage, has received regulatory approval to operate in France, enabling the firm to provide continuity to clients following the UK's vote to leave the European Union (EU). The re/insurance broker's French operation, Piiq Risk Partners SAS, will serve as a base for ... Read the full article

UK Gov to review Solvency II ahead of Brexit transition deadline

25th June 2020

The United Kingdom’s HM Treasury has announced that it plans to review Solvency II rules for insurers and reinsurers ahead of the Brexit transition end on 31 December 2020. The government said that the review would ensure that Solvency II is “properly tailored” to take account of the structural features of ... Read the full article

Lloyd’s Part VII transfer progresses after High Court strategy approval

26th May 2020

The specialist Lloyd's of London re/insurance marketplace has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd's Brussels. Lloyd's announced in March of 2017 that it had selected Brussels as ... Read the full article

UK / EU reinsurance equivalence not guaranteed: Lloyd’s Chairman

26th February 2020

Lloyd’s of London Chairman Bruce Carnegie-Brown has warned that it would be “extraordinary but perhaps not entirely surprising” for the UK to lose reinsurance regulatory equivalence with the European Union (EU) after Brexit. Addressing the EU Financial Affairs Sub-Committee today, Carnegie Brown said that a loss of equivalence could pose a ... Read the full article

Cayman Islands to join EU tax blacklist as UK loses sway

17th February 2020

The Cayman Islands is set to be blacklisted by the European Union (EU) for failing to comply with good governance standards on tax, according to reports from the Guardian. The decision regarding the British overseas territory comes just two weeks on from the UK’s official departure from the EU, and may ... Read the full article

LMA sets Future at Lloyd’s & Brexit as key objectives for 2020

10th February 2020

The Lloyd’s Market Association (LMA) has revealed its objectives for 2020, which include a focus on the Future at Lloyd’s reforms and Brexit planning. Engaging with Lloyd’s on the delivery of its new strategy is the primary objective for the LMA this year, and is expected to underpin the Association’s priorities ... Read the full article

AM Best’s post-Brexit arrangements will apply irrespective of EU trade deal

3rd February 2020

A.M. Best has said that measures it has implemented to prepare for a post-Brexit environment will apply irrespective of the UK's ability to reach a trade with the European Union (EU) by December 2020. Like many other global organisations within the UK financial services sector, ratings agency A.M. Best has taken ... Read the full article

UK re/insurers prepared for Brexit, but long-term effects uncertain: AM Best

31st January 2020

With the UK set to imminently depart the European Union (EU), AM Best has said UK re/insurers are well prepared from an operational standpoint, but could face some negative consequences in the longer-term. The rating agency noted that extensive preparations have been undertaken across the UK and European markets to ensure ... Read the full article

LIIBA agenda spotlights Lloyd’s reforms & Brexit planning

27th January 2020

The London and International Insurance Brokers’ Association (LIIBA) has announced the publication of its agenda for 2020, which emphasises further participation in the Future at Lloyd’s program and efforts to support Brexit planning. Specific initiatives for the year include working with HM Treasury to explore options for a regulatory approach more ... Read the full article

UK election result offers insurers increased certainty: Clyde & Co’s Newman

16th December 2019

Despite much work still needing to be done around the UK's Brexit vote and future trade relationships, the result of the general election last week, which saw the Conservatives win an overall majority, delivers a greater level of certainty for insurers than what the sector has been used to over ... Read the full article

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