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Brexit

AXA XL unit completes move to Ireland ahead of Brexit

18th January 2019

AXA XL has completed the transfer of its wholly owned subsidiary, XL Insurance Company SE (XLICSE), to Dublin, Ireland ahead of the UK’s planned departure from the European Union (EU). The insurer previously announced in October 2018 that it had received authorisation from the Central Bank of Ireland to go ... Read the full article

Ireland targets insurance protection law in case of no-deal Brexit

18th January 2019

The Irish Times has reported that the Republic is looking to create new legislation that would enable UK and Gibraltar domiciled insurers and brokers to continue to serve Irish policyholders for up to three years, should the UK leave the EU without securing a deal. As widespread uncertainty and confusion ... Read the full article

Rejected Brexit deal fuels additional uncertainty for UK re/insurers: A.M. Best

17th January 2019

Global financial services ratings agency, A.M. Best, has said that the fact the UK Government's EU withdrawal agreement was defeated in the House of Commons, increases uncertainty surrounding the UK's trading relationship with the EU. Following the heavy defeat suffered by UK Prime Minister Theresa May on January 15th, 2019 a ... Read the full article

Ongoing Brexit uncertainty for London re/insurance market

16th January 2019

Following yesterday's crushing parliamentary defeat, in which Prime Minister Theresa May's EU withdrawal agreement was rejected by MPs by more than 200 votes, uncertainty remains for the London insurance and reinsurance industry. The PM's withdrawal agreement was rejected by 432 votes to 202, and with the government facing a vote of ... Read the full article

AXA to move int. risk & reinsurance units to Ireland due to Brexit

10th January 2019

AXA is reportedly planning to move its international risk and reinsurance operations from the UK to Ireland in preparation for the UK’s departure from the European Union (EU) in March 2019, according to Reuters. The publication claimed that a subsidiary in Dublin will handle AXA’s large European risks and reinsurance, while ... Read the full article

£800bn of UK assets shifted to Europe since EU referendum: EY

9th January 2019

Since the UK’s EU referendum in 2016, companies comprising the UK’s financial service sector have announced a transfer of assets out of London totalling £800 billion, according to a report from multinational professional services firm EY. The report tracked 222 UK-based firms and shows that 36% of companies have publicly confirmed, ... Read the full article

Royal London opens subsidiary in Ireland ahead of Brexit

8th January 2019

UK-based mutual insurer Royal London has opened a new subsidiary in Ireland to ensure continuity of service for customers who may be affected by the UK’s decision to leave the European Union (EU) in March 2019. The insurer explained that the subsidiary would build on the work of its existing Irish ... Read the full article

Chubb completes move to France ahead of Brexit

2nd January 2019

Chubb European Group has completed its planned move from London to France as part of its preparations for the UK’s departure from the European Union (EU) in March 2019. The redomicile to Paris is effective from 1 January and aims to provide Chubb customers with continuous, uninterrupted service regardless of the ... Read the full article

QBE European Operations’ post-Brexit plans approved by High Court

2nd January 2019

QBE European Operations, part of the QBE Insurance Group, has announced the implementation of its post-Brexit plans after its Part VII transfers came into effect in the New Year. A Part VII transfer is essentially a court-sanctioned legal transfer of some or all of the policies of one company to another QBE ... Read the full article

UK, U.S announce signing of post-Brexit re/insurance agreement

20th December 2018

A joint statement has been issued by the U.S and UK regarding the successful signing of a previously-announced Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance (U.S-UK Covered Agreement). The new U.S-UK Covered Agreement aims at upholding the terms of the U.S-EU Covered Agreement, signed in 2017, which outlined ... Read the full article

Sonja Rottiers to replace Vandendael as Lloyd’s Brussels CEO

20th December 2018

It has been announced that Lloyd’s post-Brexit European base in Brussels will be lead by Sonja Rottiers as Chief Executive Officer. This appointment follows the recent departure of Lloyd's Brussels' previous CEO Vincent Vandendael, who played a key role in its' successful establishment. Rottiers will also serve as Lloyd’s Regional ... Read the full article

ABI Director slates European Commission’s no-deal Brexit plans

19th December 2018

Hugh Savill, Director of Regulation at the Association of British Insurers (ABI) has criticised the contingency plans released today by the European Commission, which outline the European Union’s (EU) response to a potential ‘no-deal’ Brexit scenario for re/insurers. Savill argued that the plans fail to provide adequate support for the millions ... Read the full article

UK and U.S finalise re/insurance agreement ahead of Brexit

12th December 2018

The U.S Department of the Treasury and the Office of the U.S Trade Representative have finalised the terms of a bilateral agreement that aims to provide regulatory certainty for UK and U.S re/insurance markets ahead of Brexit. The new U.S-UK Covered Agreement will uphold the terms of the U.S-EU Covered Agreement, ... Read the full article

LSM secures licence for post-Brexit Luxembourg business

12th December 2018

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence for its European insurance company, Liberty Mutual Insurance Europe SE (LMIE), to operate from Luxembourg. While LSM intends to maintain its UK presence, the company says this new licence means it will be able to continue conducting ... Read the full article

No-deal Brexit poses risk for re/insurers despite fall-back plans: Fitch

11th December 2018

Interim solutions and contingency planning are reducing some of the risks of a ‘no-deal’ Brexit, but it remains uncertain how restrictions on cross-border authorisation could potentially impact re/insurers and other financial institutions (FIs), according to analysts at Fitch Ratings. The rating agency noted that a range of potential Brexit outcomes still ... Read the full article

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