Reinsurance News
13th September 2017
Should the UK leave the European Union (EU) in March 2019, following the Brexit vote, Chubb Limited plans to locate its EU headquarters in France, subject to receiving the necessary regulatory and other governmental approvals. Chubb has said that it will continue to have a significant presence in London post-Brexit, as well ... Read the full article
6th September 2017
BMS Group Limited has announced the launch of BMS Iberia, that will be led by Directors Fernando Claro in Madrid, and Domingo Albi in Seville, Spain. The new European venture provides BMS with a long-term solution for accessing European business in a post-Brexit world. Recently appointed Directors, Claro and Albi, will ... Read the full article
6th September 2017
Insurance giant Tokio Marine Group is the latest to announce a new European base to ensure continuity for trading with EU customers in the wake of the UK's Brexit move. Luxembourg has been selected by the company, and it has begun the process to establish an insurance company in Luxembourg, applying ... Read the full article
23rd August 2017
The uncertainties of Brexit could create further opportunities in the bulk annuities market for pension schemes and reinsurers as a weaker pound makes buy-out more affordable for schemes with overseas sponsors, said Hymans Robertson in a recent report. The UK's well-developed and highly competitive bulk annuities market could see more mergers ... Read the full article
14th August 2017
Chair of the London Market Group (LMG) and Head of Great Britain at Willis Towers Watson, Nicolas Aubert, says London insurers and reinsurers should focus on the opportunities presented by Brexit and feels the London market can thrive in emerging parts of the world, in an interview with the Boston Consulting ... Read the full article
27th July 2017
The House of Lords EU Financial Affairs Sub-Committee has launched a new inquiry into the financial regulatory and supervisory landscape of a post-Brexit Britain, designed to examine how insurers, reinsurers, and banks could maintain EU market access. The inquiry will look at how regulation and supervision might evolve post-Brexit, in order to ... Read the full article
13th July 2017
The Central Bank of Ireland has authorised specialist insurer Beazley to convert its Dublin reinsurance firm into an insurer, after Beazley requested to transfer insurance transactions to Ireland to protect its European business after the Brexit vote. The reinsurer, Beazley Reinsurance Designated Activity Company (dac) was first established in 2009, with ... Read the full article
4th July 2017
International provider of specialty and commercial insurance and reinsurance solutions, Liberty Specialty Markets (LSM), has selected Luxembourg as the home of its post-Brexit European operations, the company has announced. The firm has said that after conducting thorough analysis of a number of potential jurisdictions, it will seek the necessary regulatory approvals ... Read the full article
4th July 2017
Speaking to the Association of British Insurers, UK Economic Secretary Stephen Barclay said in Brexit negotiations the government would prioritise the "three essential components" of regulatory standards that match international requirements, cooperation between supervisors, and creating permanent and predictable systems that give the business world the stability needed for long-term ... Read the full article
28th June 2017
Global specialist insurance and reinsurance firm MS Amlin is to shift and redomicile its European business from London to Belgium, as a response to Brexit, although the firm's global headquarters will remain in the UK. The Amlin Insurance Societas Europaea (S.E.) (“AISE”) business will move to Belgium, a country where MS ... Read the full article
28th June 2017
The UK Economic Secretary Steven Barclay said yesterday in a speech at the Association of British Insurers conference, the government is consulting on how to set the Ogden rate for England and Wales, to ensure a "better and fairer system for claimants and defendants." Barclay said; "We are currently considering the ... Read the full article
26th June 2017
Some of the largest reinsurance companies in the world are calling for the UK and EU to maintain continuity, calling for existing access arrangements to be maintained between the pair, in a letter seen by Reuters. For UK insurers and reinsurers, continued access to European markets after Brexit has been implemented ... Read the full article
16th June 2017
An Aon Benfield publication on the potential impact of Brexit on re/insurers states the London specialty re/insurance centre will remain unscathed and unchallenged by EU departure, due to London-based reinsurers' not having to rely on single market access to sell solutions to European clients. This is down to the relative proportion of ... Read the full article
31st May 2017
Commercial property insurer FM Global has been granted a license in Luxembourg, enabling the insurer to continue to deliver coverage to policyholders throughout the European Economic Area (EEA). “We chose Luxembourg as our EEA hub because it’s a multinational business-friendly financial center with regulatory expertise that enables us to remain true to ... Read the full article
23rd May 2017
FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article
