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.
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
No guarantee for EU policyholders that Brexit won’t impact insurance contracts
22nd May 2018
Valdis Dombrovskis, the European Union's (EU) financial services Chief, has warned that there's no guarantee Britain's Brexit vote won't create an issue for millions of insurance and derivatives contracts, calling on firms to take measures to ensure continuity for policyholders, reports Reuters. Following Britain's vote to leave the EU and the ... Read the full article
Aspen pursues new insurance subsidiary in Ireland
15th May 2018
The Central Bank of Ireland has received an application from insurer and reinsurer Aspen for the authorisation of a new insurance subsidiary in Dublin, Republic of Ireland. Aspen Insurance Ireland DAC (Aspen Ireland) is anticipated to be operational by the first quarter of 2019 and is intended to ensure continued service ... Read the full article
Tokio Marine Group receives approval for post-Brexit Luxembourg subsidiary
8th May 2018
Tokio Marine Group has received regulatory approval to establish a new re/insurance subsidiary, Tokio Marine Europe S.A., in Luxembourg as part of its plans to ensure a smooth transition following the UK's departure from the European Union (EU). The new company, which has been authorised by the Commissariat aux Assurances (CAA) ... Read the full article
Sompo International integrates SJNKE in preparation for Brexit
8th May 2018
Sompo International Holdings has reached a milestone in its Brexit preparation plans with the integration of Sompo Japan Nipponkoa Insurance Company of Europe Limited (SJNKE), which is now a wholly-owned subsidiary of Sompo International. In March 2018, Sompo International received regulatory approval to establish its new subsidiary, SI Insurance (Europe), ... Read the full article
Only 42% of UK business leaders confident in growth prospects: CNA Hardy
27th April 2018
CNA Hardy, a UK specialist commercial re/insurer, has released the Spring 2018 edition of its Risk and Confidence Survey, which reveals that just 42% of executives in UK businesses are confident in the ability of their firm to grow and prosper. This figure shows a cautious increase from the 28% that ... Read the full article
Lloyd’s commences hiring process for post-Brexit Brussels subsidiary
24th April 2018
Lloyd’s has announced that it has started the process of hiring staff for its new Brussels subsidiary, in preparation for a January 2019 launch date, according to Lloyd's Chief Executive Officer (CEO) Inga Beale. Current vacancies include a number of roles across finance, operations, compliance, HR, and underwriting, all of ... Read the full article
Sompo International gains approval for post-Brexit European P&C subsidiary
23rd April 2018
Bermudian property and casualty (P&C) re/insurer Sompo International Holdings (SI) has received the necessary regulatory approvals for the establishment of its new subsidiary, SI Insurance (Europe) (SIIE) in Luxembourg, in preparation for the UK’s departure from the European Union (EU) in 2019. Sompo International Insurance Europe (SIIE) will become operational later ... Read the full article
AIG establishes two new insurers ahead of Brexit
19th April 2018
American International Group (AIG) has announced the authorisation of two new insurers in the UK and Luxembourg, and has outlined plans to transfer all business to the new entities ahead of the UK’s departure from the European Union (EU) in March, 2019. AIG’s restructure involves the transfer of AIG Europe Limited’s ... Read the full article
Bank of England assures Brexit implementation period will be stable
28th March 2018
The Bank of England (BoE) has welcomed the European Union’s (EU) decision to allow a Brexit implementation period, and has assured the re/insurance industry that it can plan to operate as normal during this time, although companies may need to seek authorisation subsequently. UK and EU governments last month agreed to ... Read the full article
Brexit uncertainty and stiff market competition drive cautious sentiment: CBI/PwC
28th March 2018
Brexit uncertainty has led to cautious, flat sentiment amongst insurers as the industry braces for volatile trends in business and the broader economic landscape, according to the latest CBI/PwC financial services survey. However, the survey notes a continued emphasis on investment in technology and training of staff to drive innovation as ... Read the full article
BIBA signs agreement with WBN to ensure post-Brexit continuity
21st March 2018
The British Insurance Brokers’ Association (BIBA) and the Worldwide Broker Network (WBN) have signed an agreement that facilitates the introduction of BIBA member firms to one of WBN's member firms in an EU member country, in order to ensure continuity post-Brexit. The arrangement is scheduled to be launched to members by ... Read the full article
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