Reinsurance News
Brexit news
Brexit news of relevance to the insurance and reinsurance market.
Brexit has ramifications for UK and London market insurance and reinsurance firms access to the EU and vice versa.
UK insurers will remain well capitalised under SII reforms – Moody’s
24th June 2022
UK insurers’ solvency will remain robust under proposed post-Brexit regulatory reforms. The proposals, subject to consultation until 21 July 2022, seek to amend the European Union’s Solvency II insurance capital rules so that they better reflect UK insurers’ risk profiles. Drawn up by the UK Treasury, ... Read the full article
Inflation likely to persist over the medium term: AM Best
20th April 2022
According to rating agency AM Best, high levels of inflation which has been driven by supply chain disruptions, labour shortages and rising energy prices, are likely to persist over the medium term. In February, the Consumer Price Index (CPI) in the UK hit an almost 30-year high of 6.2%, far in ... Read the full article
Brexit threatening London Market’s influence in the insurance industry: Airmic
1st April 2022
Airmic, the UK association for risk and insurance professionals has said that Brexit is threatening the London Markets influence in the global industry. This was reported in the company’s March 2022 Pulse Survey which took place between March 3-11. One of the questions in the survey asked how has the influence of ... Read the full article
Brexit to drive expansion of European specialty MGAs: New Dawn Risk’s Grima
17th December 2021
Uncertainties driven by the UK's vote to leave the European Union (EU) saw numerous intermediaries establish offices in the EU and according to Elizabeth Grima, Senior Executive Manager of New Dawn Risk (Europe), 2022 will see an expansion of European specialty MGAs to the detriment of the London market. As part ... Read the full article
PRA sees no appetite to tear up the basic principles of Solvency II
16th March 2021
Sam Woods, Chief Executive Officer of the Prudential Regulation Authority, sees no appetite to tear up the basic principles of Solvency II given the huge investment made in their adoption. The PRA had previously suggested that the Solvency II review could result in changes to the design of risk margin ... Read the full article
ABI says post-brexit reforms to financial regulations could release £95bn
23rd February 2021
A new report commissioned by the Association of British Insurers published in response to the Government’s consultation on Solvency II shows how changes made to the Matching Adjustment and the Risk Margin mechanisms could free up £95 billion for re-investment. The ABI says these changes to the Solvency II regime would ... Read the full article
Arch approved for Part VII transfer ahead of Brexit
22nd December 2020
Arch Insurance (UK) Limited has received approval for a Part VII transfer of insurance business conducted in any state within the European Economic Area (EEA). By transferring business carried out by Arch Insurance (UK), excluding inwards reinsurance business, to Arch Insurance EU in Ireland, the company hopes to ensure continuity of ... Read the full article
No deal Brexit shock has diminished, but insurers still at risk: Deutsche Bank
10th December 2020
Analysts at Deutsche Bank have warned that insurers still face a negative impact to their solvency ratios in the event of a no-deal Brexit outcome, even though the potential shock of this scenario has significantly diminished. The comments came amid growing concerns that the UK could be forced to end its ... Read the full article
COVID-19 impacts UK manufacturers supply chain for Brexit: Lockton
27th November 2020
Insurance broker Lockton has released a report exploring how the COVID-19 pandemic has impacted the preparations for 500 different UK manufacturers. In its survey, 46% had said that their supply chain plans have been negatively affected by the pandemic, with a further 25% stating they have not made the appropriate arrangements, ... Read the full article
Lloyd’s post-brexit hub gets final High Court approval
25th November 2020
Lloyd’s of London has received final approval from the High Court of England and Wales to transfer European Economic Area policies to its Belgium-based subsidiary. The establishment of Lloyd's Europe was first announced in the wake of Britain’s vote to leave the EU, driven by an absence of clarity around the consequences ... Read the full article
UK Gov to reform Solvency II risk margins after Brexit
20th October 2020
As part of its review into Solvency II, the UK Government is planning to reform risk margin rules once the transition period with the EU has ended. Back in June, the government said it would review Solvency II ahead of the December 31st transition deadline to make sure all rules ... Read the full article
O2 Broking registered as first Lloyd’s broker in Denmark
19th October 2020
O2 Broking ApS has been approved as the first Lloyd’s Registered Broker in Denmark as part of the re/insurance marketplace's preparations for Brexit. Lloyd's previously established a hub in Brussels to help it transition smoothly as the UK exits the European Union. However, subject to current negotiations between UK and EU about ... Read the full article
LIIBA survey highlights Belgium’s post-Brexit appeal for brokers
23rd September 2020
A survey undertaken by LIIBA has highlighted Belgium as the location of choice for London brokers' EU entities post-Brexit. Nearly a quarter of broking houses chose the country, with Ireland and France the next most popular locations, accounting for 16% each. “Brokers have worked hard to ensure that they are prepared for ... Read the full article
Piiq Risk Partners approved to launch French operation
20th July 2020
Piiq Risk Partners, a global aerospace insurance and reinsurance brokerage, has received regulatory approval to operate in France, enabling the firm to provide continuity to clients following the UK's vote to leave the European Union (EU). The re/insurance broker's French operation, Piiq Risk Partners SAS, will serve as a base for ... Read the full article
UK Gov to review Solvency II ahead of Brexit transition deadline
25th June 2020
The United Kingdom’s HM Treasury has announced that it plans to review Solvency II rules for insurers and reinsurers ahead of the Brexit transition end on 31 December 2020. The government said that the review would ensure that Solvency II is “properly tailored” to take account of the structural features of ... Read the full article
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