Reinsurance News


JLT CEO says broker is preparing for a no-deal Brexit: Reuters

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

Chubb’s Brexit preparations move forward

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

LIIBA urges members to plan for no-deal Brexit

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

UK and Gibraltar Govs engage Deloitte on post-Brexit regulations

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

Markel secures license for German insurer

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

Brexit white paper draws criticism from Lloyd’s CEO

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

Re/insurers step up Brexit plans as uncertainty remains

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

Brexit clause published by the International Underwriting Association

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

Modernisation and Brexit among top COO concerns, reports LMA

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

Post-Brexit crisis looms for 36 million European policyholders: TheCityUK

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

Arch to expand Irish operations in preparation for Brexit

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

Belgian regulator approves MS Amlin’s post-Brexit EU hub

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

QBE Europe granted license by National Bank of Belgium

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

Castel eyes European MGA growth with opening of Dutch branch

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

Lloyd’s approved for Brussels subsidiary, names Vandendael CEO

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

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