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.
Break deadlock in UK Parliament or risk Brexit no-deal nightmare: Kennedys
9th August 2018
International law firm Kennedys has warned of a nightmare no-deal scenario should the UK government fail to break the current political deadlock, whilst defining six areas it believes are key to safeguarding future investment, talent and innovation in the insurance industry. In a report based on interviews with senior industry figures, ... Read the full article
UK businesses must raise Brexit concerns: ex-Lloyd’s Chairman Nelson
2nd August 2018
John Nelson, former Chairman of Lloyd’s, has said that it is incumbent upon UK businesses to air their concerns about the trade implications of Brexit, and has argued that the country is dangerously unprepared for its split with the European Union (EU), according to This is Money. In an interview with ... Read the full article
A.M. Best gives Markel’s German insurance subsidiary A rating
30th July 2018
Global rating agency A.M. Best has assigned Markel Corporation's new German insurance subsidiary an A financial strength rating. Markel announced recently that the German federal financial supervisory authority, BaFin, had granted the firm a license to establish an insurance company in the country, called Markel Insurance SE (MISE). Markel explained at the time that the new subsidiary ... Read the full article
Brexit contract continuity issues must be resolved: LIIBA CEO
27th July 2018
Christopher Croft, Chief Executive Officer (CEO) of The London Insurance and International Brokers Association’s (LIIBA) has criticised the Brexit strategy outlined in the recently-released white paper, stating that the government “has not reflected the strong feedback from our industry.” Croft aimed his comments predominantly at the decision not to ... Read the full article
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