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Brexit

No-deal Brexit could decimate London market, EY survey suggests

5th August 2019

In the event of a no-deal Brexit, which is currently seen as increasingly likely to occur, as many as 42% of financial services firms are considering moving their UK businesses to a new global centre. A survey undertaken by global consultancy and advisory EY found that while the majority of financial ... Read the full article

UK should seek reinsurance equivalence with EU after Brexit, says LMG

29th July 2019

The London Market Group (LMG) has urged the UK Government to seek reinsurance equivalence under Solvency II regulations to guarantee London market firms continued access to the EU market after Brexit. When negotiating its future trading relationship with the EU, the LMG argued that the UK should prioritise the access of ... Read the full article

ABI calls on new Government to support industry and secure an orderly Brexit

29th July 2019

Following the appointment of Boris Johnson as the new Prime Minister of the UK and subsequent Cabinet reshuffle, the Association of British Insurers (ABI) has underlined the importance of the new Government supporting the UK's insurance industry and implementing an orderly Brexit. Huw Evans, Director General of the ABI stressed that ... Read the full article

UK insurers well-placed, but no-deal Brexit could have significant implications: S&P

2nd July 2019

S&P Global Ratings sees broadly stable trends for the UK insurance sector but warns that a no-deal Brexit outcome could have important long and short-term implications for the UK economy, which could be a key risk for ratings on UK insurance firms. The global financial services ratings agency maintains a base-case ... Read the full article

Impact of Brexit on UK financial services nears £4bn: EY

27th June 2019

According to data from EY, the impact of Brexit on UK financial services has reached nearly £4 billion as of May 31, 2019. This sum includes costs of £1.3 billion for relocating staff and operations, legal advice, and contingency provisions, as well as an additional £2.6bn for capital injections to scale ... Read the full article

PRA has done all it can to de-risk a no-deal Brexit, says CEO Sam Woods

17th June 2019

The Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal cliff edge”, according to Mr Sam Woods, Deputy Dovernor for Prudential Regulation and Chief Executive Officer (CEO) of the PRA, Bank of England. Speaking at the MMC Rising Professionals’ Global Forum, Woods told ... Read the full article

Brexit a “sideshow” to wider political crisis: Ascot’s Richard Dearlove

13th June 2019

The impact of Brexit on the London re/insurance market will be minimal, constituting only “a sideshow” to larger global political crises, according to Richard Dearlove, Non-executive Chairman of Ascot Underwriting. “The London insurance industry is a global industry, not a European industry, so the effect of Brexit will probably be very ... Read the full article

Shepherd Compello B.V. opens in the Netherlands to ensure post-Brexit continuity

16th April 2019

Shepherd Compello, a specialist insurance brokerage, has announced the opening of Shepherd Compello B.V., in Assen, the Netherlands, to support the company's growth ambitions across Europe. Shepherd Compello B.V. is the broker's new international company, which received a licence to trade as an Insurance Agency from the Netherlands AFM on January ... Read the full article

Survey says Brexit more challenging to prepare for than Y2K

8th April 2019

A majority of UK businesses believe that the impact of Brexit will be far more difficult to prepare for than Y2K/the Millennium Bug, according to a survey by software testing and monitoring firm Eggplant. The study found that 81% of businesses are likely to review or update existing business processes and ... Read the full article

Berkshire BHSI confirms move to Cologne from Düsseldorf

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

Brexit remains an ongoing risk to Swiss Re’s ReAssure IPO, say analysts

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

No-deal Brexit may reduce UK life insurers’ capital and profits: Moody’s

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

Newline’s post-Brexit EU hub approved by German regulator

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

La Parisienne Assurances to set up UK branch ahead of Brexit

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

Arch reveals Brexit plan changes, expands remit of Arch Insurance EU

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

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