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Brexit

PRA has done all it can to de-risk a no-deal Brexit, says CEO Sam Woods

17th June 2019

The Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal cliff edge”, according to Mr Sam Woods, Deputy Dovernor for Prudential Regulation and Chief Executive Officer (CEO) of the PRA, Bank of England. Speaking at the MMC Rising Professionals’ Global Forum, Woods told ... Read the full article

Brexit a “sideshow” to wider political crisis: Ascot’s Richard Dearlove

13th June 2019

The impact of Brexit on the London re/insurance market will be minimal, constituting only “a sideshow” to larger global political crises, according to Richard Dearlove, Non-executive Chairman of Ascot Underwriting. “The London insurance industry is a global industry, not a European industry, so the effect of Brexit will probably be very ... Read the full article

Shepherd Compello B.V. opens in the Netherlands to ensure post-Brexit continuity

16th April 2019

Shepherd Compello, a specialist insurance brokerage, has announced the opening of Shepherd Compello B.V., in Assen, the Netherlands, to support the company's growth ambitions across Europe. Shepherd Compello B.V. is the broker's new international company, which received a licence to trade as an Insurance Agency from the Netherlands AFM on January ... Read the full article

Survey says Brexit more challenging to prepare for than Y2K

8th April 2019

A majority of UK businesses believe that the impact of Brexit will be far more difficult to prepare for than Y2K/the Millennium Bug, according to a survey by software testing and monitoring firm Eggplant. The study found that 81% of businesses are likely to review or update existing business processes and ... Read the full article

Berkshire BHSI confirms move to Cologne from Düsseldorf

5th April 2019

Berkshire Hathaway Specialty Insurance Company (BHSI), the insurance arm of Warren Buffett's global re/insurance company, has confirmed its decision to relocate to Cologne, Germany from neighbouring Düsseldorf in June. The decision has been well received by the Mayor of Cologne Henriette Reker, who has for the past year been a Read the full article

Brexit remains an ongoing risk to Swiss Re’s ReAssure IPO, say analysts

2nd April 2019

Analysts at Deutsche Bank believe that, while Swiss Re’s planned initial public offering (IPO) of its UK closed book business ReAssure is still on track for 2019, market volatility arising from Brexit remains an ongoing risk. The global reinsurance giant’s Board of Directors proposed plans last month to introduce a ... Read the full article

No-deal Brexit may reduce UK life insurers’ capital and profits: Moody’s

2nd April 2019

Moody’s Investors Service expects UK life insurers to experience reduced capital and profits in the event of a no-deal Brexit scenario, as well as more limited growth prospects. The rating agency considers UK life players as particularly exposed to a no-deal outcome given their high asset leverage, their significant exposure to ... Read the full article

Newline’s post-Brexit EU hub approved by German regulator

1st April 2019

Specialty insurer Newline Group has announced the establishment of Newline Europe Versicherung AG (Newline Europe), a subsidiary of Newline Insurance Company Limited that is set to operate from Cologne, Germany. Newline Europe will serve as the company's new European Union (EU) hub. Manuel Wirtz, previously Newline's general representative for Germany, has been appointed ... Read the full article

La Parisienne Assurances to set up UK branch ahead of Brexit

1st April 2019

French property and casualty (P&C) insurance company La Parisienne Assurances has announced that it plans to establish a UK third country branch (TCB) in preparation for Brexit. La Parisienne explained that the branch would provide stability for its business stakes and development ambitions in the UK given the uncertainty surrounding Brexit ... Read the full article

Arch reveals Brexit plan changes, expands remit of Arch Insurance EU

29th March 2019

Arch Insurance International and Arch MI have announced some changes to their EU operations as part of their Brexit plan, including that Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac) has been authorised by the Central Bank of Ireland to expand the classes of business it writes in the ... Read the full article

Markel’s Part VII Transfer for EU business gets approval

29th March 2019

Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE). Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the ... Read the full article

Luxembourg approves no-deal Brexit grace period for UK insurers

29th March 2019

Luxembourg’s parliament has passed new legislation that will allow UK-based insurers operating in the country to continue to serve EU clients for 21 months in case of a no-deal Brexit scenario, according to reports from Luxembourg Times. The new bill will mean that UK financial companies, including insurers, won’t be considered ... Read the full article

A.M. Best stays negative on UK non-life insurance

28th March 2019

Global financial services ratings agency, A.M. Best, has maintained its negative outlook on the UK non-life insurance market in light of strong competition, legislative changes, political and economic uncertainty, and increased regulatory scrutiny. A.M. Best expects the profits of UK non-life insurers to remain under pressure in 2019, driven largely by ... Read the full article

LSM re-domiciles European insurance company to Luxembourg

21st March 2019

Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, has has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of Brexit. While LSM has opened its new headquarters in Luxembourg it will maintain its branch network in the UK, Continental Europe and the ... Read the full article

A.M. Best will continue to provide ratings in UK & EU after Brexit

20th March 2019

A.M. Best has confirmed that it expects to be able to continue providing credit ratings that can be used for regulatory purposes in both the UK and European Union (EU) after Brexit. The rating agency incorporated a new subsidiary in Amsterdam last year and secured credit rating agency (CRA) registration with ... Read the full article

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