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Brexit

Lloyd’s Inga Beale calls on the City of London to support re/insurance modernisation

10th May 2017

Lloyd's Chief Executive Officer (CEO), Inga Beale, has said London's access to talent and emerging markets must be prioritised if the city's re/insurance industry is to thrive in future years. And while these factors could become increasingly challenged in an era of populism and protectionism, Beale said she believes Brexit could ... Read the full article

Brexit not expected to dramatically impact reinsurance at Hannover Re: CEO, Wallen

10th May 2017

The Chief Executive Officer (CEO) of reinsurer Hannover Re, Ulrich Wallen, said during the firm's annual general meeting (AGM) that it doesn't expect the UK's Brexit vote to dramatically impact its reinsurance operations, reported Reuters. Domiciled in Germany, Hannover Re has a branch in the UK from which it writes property, casualty, ... Read the full article

Global reinsurers taking market share from London: LMG

9th May 2017

Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article

Hiscox to establish EU subsidiary in Luxembourg

9th May 2017

Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move. The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will ... Read the full article

New EU base to boost Lloyd’s European market share: John Nelson

27th April 2017

Chairman of the specialist Lloyd's of London insurance and reinsurance marketplace, John Nelson, has said the establishment of a base in mainland Europe will help the insurer increase its European market share. Lloyd's announced earlier this year that it would establish an insurance subsidiary in Brussels, Belgium, as its European Union ... Read the full article

PRA gives UK re/insurers mid-July deadline for Brexit back-up plans

21st April 2017

The Prudential Regulatory Authority, (PRA) - the UK’s financial market regulator - has asked re/insurers to immediately address the Brexit question by setting a mid July deadline for firms to produce a worst-case-scenario back-up plan for post-Brexit trading. The regulator is demanding firms convey their plans to deal with all potential ... Read the full article

Moody’s predicts manageable operational risk for insurers from Brexit

31st March 2017

For the large majority of UK insurers operational risks following the Brexit vote are expected to be manageable, and the credit impact will likely be moderate, according to Moody's Investors Service. Exactly how much of an impact the UK's vote leave the EU will have on the London market and broader ... Read the full article

Life reinsurance expansion in Asia could outpace primary market growth: Berenberg

30th March 2017

Life reinsurance market growth in Asia could exceed the forecasted 10-15% primary insurance market increase in what’s forecasted to be a period of boom for the emerging life segment in Asia, Berenberg analysts said in their latest report on emerging Asian markets. This surge is expected to be driven by rising reinsurance ... Read the full article

Lloyd’s of London chooses Brussels for EU base

30th March 2017

The specialist Lloyd’s of London insurance and reinsurance market has selected Brussels, Belgium as its European Union home with the aim being to be ready to underwrite business there for the 1st January 2019 renewal season. Lloyd's has been looking for an EU base for a subsidiary insurance company, to secure ... Read the full article

UK re/insurance industry will continue to thrive post-Brexit: PwC

29th March 2017

Prime Minister Theresa May has now triggered Article 50 signalling the start of the UK's process of leaving the European Union (EU) and, for insurers and reinsurers communication is an essential part of embracing the changes and ensuring the UK re/insurance industry thrives post-Brexit, according to PwC. Commenting on the triggering ... Read the full article

Study suggests £4 billion Brexit impact to London reinsurance market

24th March 2017

As Britain prepares to release the final Article 50 trigger to kick-off EU exit negotiations and the City of London braces for the anticipated knock-on blow, London School of Economics (LSE), Financial Markets Group director, Simeon Djankov, has set ensuing annual reinsurance revenue loss estimates at £4 billion. London's finance sector ... Read the full article

Lloyd’s to announce location of EU subsidiary by end of month: Reports

24th March 2017

The specialist Lloyd's of London insurance and reinsurance marketplace is to reveal the location of its post-Brexit EU subsidiary on the same day Prime Minister Theresa May triggers Article 50, which marks the start of the official UK Brexit process, according to Sky News. The Lloyd's council is due to meet ... Read the full article

At least ten insurers signal post-Brexit move to Ireland

10th March 2017

Ireland’s head of insurance regulation said ten insurers have set their sights on Ireland as their post-Brexit base with five insurers submitting applications for Central Bank insurance authorisation, and a further five signalling a firm intention to apply, the Irish Times reported. Director of insurance supervision at the bank, Sylvia Cronin, ... Read the full article

Regulatory equivalence, new trade deal are key Brexit concerns: LMG

9th March 2017

The London Market Group (LMG), an independent UK and London insurance and reinsurance market lobby group, has called for the UK government to assure regulatory equivalence is maintained after Brexit and that a new trade deal is secured with the EU. The LMG has published a report full of recommendations for ... Read the full article

Trump / Brexit uncertainty could sell political risk cover, says Lloyd’s Beale

15th February 2017

Uncertainty in financial markets and in the international business world as a result of Donald Trump's presidency and Brexit could lead to an increased demand for political risk insurance cover, something Lloyd's of London's Inga Beale highlights as a potential opportunity. As reported by Bloomberg here, Beale spoke in ... Read the full article

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