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Brexit

Inga Beale confirms January 2019 as launch date for Lloyd’s Brussels subsidiary

16th January 2018

Lloyd's of London Chief Executive Officer (CEO) Inga Beale confirmed that the marketplace is set to begin operations in Brussels next January. Lloyd's announced in March 2017 that it had selected Brussels, Belgium, as its European Union home with the aim being to be ready to underwrite business there for the 1st ... Read the full article

Lloyd’s welcomes Bank of England post-Brexit supervision approach

20th December 2017

The Chairman of Lloyd’s Bruce Carnegie-Brown has said that the Corporation welcomes the Bank of England's newly published guidance on its approach to the supervision of international insurers, as well as to branch authorisation and supervision in a post-Brexit world. The Bank of England's Prudential Regulation Authority (PRA) unit has provided ... Read the full article

Travelers to establish Dublin subsidiary in wake of Brexit

19th December 2017

In response to the UK's vote to leave the European Union (EU), Travelers Europe, a subsidiary of the Travelers Companies, Inc., is to apply to the Central Bank of Ireland for authorisation to establish a new Dublin-based insurance subsidiary. Travelers is the latest to join a long and growing list of ... Read the full article

UK re/insurers could lose “substantial business” without Brexit transition deal

14th December 2017

The Lloyd's Market Association (LMA), which represents the interests of the underwriting community at Lloyd's of London, said that if the UK does not have appropriate transitional arrangements in place before Brexit, the market could lose "substantial business." The UK government's Treasury Committee published a report today that stresses the importance ... Read the full article

Brexit certainty “urgently” needed for re/insurance sector: Inga Beale

8th December 2017

The UK's insurance and reinsurance sector still requires greater certainty on how the UK's trading relationship will pan out post-Brexit, according to Lloyd's of London Chief Executive Inga Beale. Speaking after the UK government and the EU announced that they are ready to move onto the next phase of Brexit talks, ... Read the full article

Insurance lobby group calls for transitional UK & EU re/insurance deal

4th December 2017

An insurance lobby group has called for transitional agreements between Britain and the European Union and a "mutual market access" deal to preserve London's global reinsurance hub post-Brexit and ensure stability in the short-term. Malcolm Newman, leader of the London Market Group’s Brexit task force, told Reuters that with the ... Read the full article

LMG proposes UK-EU post-Brexit Free Trade Agreement

29th November 2017

The London Market Group (LMG) has issued a proposed Free Trade Agreement (FTA) that follows the EU-U.S. covered agreement model to enable post-Brexit mutual market access for UK and EU re/insurers. The FTA would ensure that UK and EU governments maintain control over their regulatory systems, with a Solvency II equivalence ... Read the full article

UK P&I Club the latest to announce post-Brexit subsidiary plans

24th November 2017

Provider of P&I insurance and related services to the global shipping industry, UK P&I Club, has announced plans to establish a subsidiary in the Netherlands amidst continued uncertainty surrounding the UK's vote to leave the European Union (EU). The announcement comes shortly after North P&I Club and Sunderland Marine announced ... Read the full article

Brexit uncertainty sees North P&I & Sunderland Marine launch Irish insurer

22nd November 2017

North P&I Club and its subsidiary Sunderland Marine have announced plans to establish a subsidiary insurance company in Ireland to ensure passporting rights following the UK's vote to leave the European Union (EU). In a statement, North P&I and Sunderland Marine underlined their reliance on EU passporting rights to insure risks ... Read the full article

Sompo International sets up EU HQ in Luxembourg as Brexit response

21st November 2017

Bermuda based specialty insurance and reinsurance firm Sompo International, which was formerly named Endurance, is preparing for a post-Brexit world with the establishment of a new European headquarters in Luxembourg. Sompo International is setting up a new entity registered in Luxembourg, SI Insurance (Europe), which will underwrite both insurance and reinsurance ... Read the full article

MS&AD Insurance Group reveals post-Brexit shift to Luxembourg

1st November 2017

MS&AD Insurance Group Japanese subsidiary Aioi Nissay Dowa Insurance, (ADI), has revealed plans to restructure the firm's Europe operations, opening a new UK branch and shifting business to Luxembourg to ensure post-Brexit continuity of its European automobile insurance-centred business. UK - based subsidiary Aioi Nissay Dowa Insurance Company of Europe (ADE), the European subsidiary ... Read the full article

TPA Advent Claims partners with Van Ameyde for post-Brexit support

25th October 2017

InsurTech-led claims Third Party Administrator, Advent Claims, has partnered with pan-European claims specialist Van Ameyde - expanding its post-Brexit support network to include Lloyd’s managing agents and coverholders across Europe. The agreement builds on similar joint ventures in the U.S., Canada and Australia which give Advent access to around 80% of ... Read the full article

Beazley Dublin-based branch underwrites first policies

10th October 2017

Beazley has underwritten its first policies through its Dublin-based insurer, which was authorised by the Central Bank of Ireland in July, and established to offer contingency to the European markets in response to Brexit. Some of the policies written by Beazley Insurance are for European banks, which Beazley says are ... Read the full article

Brokers expect London re/insurance market to retain position after Brexit

5th October 2017

A survey of re/insurance brokers found that 80% of those polled are confident that the London insurance and reinsurance market will retain its global position after the UK leaves the European Union. Despite the results of the Brexit vote and the fact the UK is heading for an exit from the ... Read the full article

Everest becomes latest firm to gain Ireland approval amidst Brexit fallout

2nd October 2017

In response to the UK's vote to leave the European Union (EU) and to support expansion plans, Everest Re Group, Ltd. has announced that its Dublin-based subsidiary has received authorisation in principle to operate as a non-life insurer in Ireland. The new unit will be led by Stephen Cross, who has ... Read the full article

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