Reinsurance News
26th July 2018
The Chief Executive Officer (CEO) of global insurance and reinsurance broker JLT Group, Dominic Burke, has reportedly told Reuters that the firm is "working on a position of a no-deal Brexit." Exactly what the UK's vote to leave the European Union (EU) means for the country and its financial services industry ... Read the full article
25th July 2018
Chubb European Group and its ACE Europe Life subsidiary has converted to Societas Europaea, enabling both companies to redomicile to another European Union (EU) jurisdiction and continue to undertake business both across the EU and into the UK. The conversion is the next step in Chubb’s efforts to redomicile its businesses ... Read the full article
25th July 2018
The London Insurance and International Brokers Association (LIIBA) has urged its members to consider how they will continue to service European Union (EU) clients’ needs in the event of a no-deal Brexit. EU-UK negotiations are in a precarious state of limbo following a widely-criticised exit strategy outlined in the government’s White ... Read the full article
24th July 2018
The governments of the UK and Gibraltar have engaged Deloitte to ensure regulatory alignment between the countries following the UK’s planned departure from the European Union in 2019, according to The Gibraltar Chronicle. Post-Brexit regulatory alignment is a key element of the UK’s commitment to continued market access for Gibraltar-based re/insurance ... Read the full article
19th July 2018
In light of the UK's vote to leave the European Union (EU), Markel Corporation has been granted a license to establish an insurance company in Germany by BaFin, the country's federal financial supervisory authority. With uncertainty remaining about exactly what Brexit means for many financial services, the license enables Markel Insurance ... Read the full article
13th July 2018
Lloyd's of London’s outgoing Chief Executive Officer (CEO), Inga Beale, has responded to the exit strategy laid out in the Brexit white paper with claims that professional and financial services “are not catered for” and that the proposed deal will accelerate its plans for a Brussels subsidiary. In an interview ... Read the full article
2nd July 2018
Analysis by Ernst & Young (EY) via its Financial Services Brexit Tracker reveals that re/insurers continue to step up their Brexit contingency plans despite the transition agreement, as widespread uncertainty remains. Despite the importance of the financial services sector to London and the wider UK, it appears that insurers and reinsurers, ... Read the full article
27th June 2018
The international Underwriting Association (IUA) has published a clause aimed at clarifying how firms will continue to pay claims if adequate transitional arrangements surrounding Brexit are not agreed. The Brexit Contract Continuation Clause will benefit insurers that currently rely on the EU financial services passport to conduct cross-border business between the ... Read the full article
27th June 2018
Market modernisation, Brexit preparations, and underwriting systems upgrades are the three most pressing concerns for Lloyd’s market Chief Operating Officers (COOs) in 2018, according to a recent survey by the Lloyd’s Market Association (LMA). The LMA’s research found that, within market modernisation initiatives, COO’s prioritised delegated authority transformation, with 93% of ... Read the full article
21st June 2018
There’s a rising concern over issues surrounding cross-border financial contracts post-Brexit, with TheCityUK estimating 36 million policyholders across the continent may be at risk. This potential crisis would affect £26 trillion of outstanding uncleared derivatives should the UK/European Union (EU) fail to reach a solution in time. According to reports by ... Read the full article
7th June 2018
Arch Capital Group has revealed that it plans to expand its underwriting operations in Ireland to ensure continuity following the UK’s scheduled departure from the European Union (EU) in March 2019. The group has applied for regulatory approval from the Central Bank of Ireland to allow its UK insurer, Arch Insurance ... Read the full article
5th June 2018
Global specialist re/insurer MS Amlin has obtained approval from the National Bank of Belgium (NBB) to re-domicile its subsidiary, Amlin Insurance SE (AISE), from the UK to Belgium in preparation for Brexit. MS Amlin announced in July 2017 that it planned to shift its European business to Belgium to ensure ... Read the full article
29th May 2018
Australia domiciled insurer QBE has taken a major step in securing continued passporting rights across the European Economic Area (EEA) post-Brexit, after its new Belgian subsidiary, QBE Europe SA/NV (QBE Europe), was granted a license by the National Bank of Belgium (NBB). QBE Europe will leverage the existing base that QBE ... Read the full article
29th May 2018
In a move which is expected to bolster plans for an expansion of operations in Europe post-Brexit, the club-style MGA formation platform Castel Underwriting Agencies Limited (Castel), has announced the opening of its first branch office in Amsterdam. Castel’s European office is set to provide a platform from which to launch ... Read the full article
23rd May 2018
Lloyd’s has received licence approval from the National Bank of Belgium for its new Brussels subsidiary, Lloyd’s Insurance Company S.A. (Lloyd’s Brussels), and has named Vincent Vandendael as its Chief Executive Officer (CEO) ahead of a January 1, 2019 launch date. Lloyd’s Belgium, which was announced in March 2017, ... Read the full article
