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.
Brexit transition deal is temporary, not legal, certainty for re/insurers
19th March 2018
The UK government and the European Union have reached an agreement today on what they term a "large part" of the transition agreement for the UK leaving the EU. The agreement on a so-called Brexit transition deal is designed to provide for a smoother exit from the EU for the UK ... Read the full article
XL Catlin reveals new Brexit continuity clause
19th March 2018
XL Catlin’s London-based re/insurance operations have announced that an innovative new contract clause will be added to their policies to address concerns that continuity may be affected by the UK’s anticipated departure from the European Union (EU). The clause, which will factor in uncertainties like loss of passporting rights, will be ... Read the full article
EU’s data protection regulations will significantly impact re/insurers: Sidley
16th March 2018
In its March 2018 Global Insurance Review, law firm Sidley has reviewed the impact that the European Union’s (EU) General Data Protection Regulation (GDPR) is likely to have on the European re/insurance industry, and concluded that the ramifications will be significant and potentially onerous. The GDPR was introduced in May 2016 ... Read the full article
Volume of M&As in Europe to increase once Brexit preparations finalised: Clyde & Co
13th March 2018
While uncertainty around the UK’s withdrawal from the EU has acted as a brake on European M&A activity as re/insurers focus on post-Brexit strategies, Clyde & Co expects the volume of deals in the region to increase once firms' Brexit preparations are complete. Transactions have slipped down the agenda as insurers ... Read the full article
Inga Beale warns London is losing market share and relevance
1st March 2018
Lloyd's Chief Executive Officer (CEO) Inga Beale warned at the Association of British Insurers (ABI) conference that the London re/insurance centre is losing market share and relevance, as emerging markets gain traction in the global re/insurance hub space, A.M. Best reported. Beale said that while London remains the largest global insurance ... Read the full article
Admiral setting up EU hub in Spain in preparation for Brexit
28th February 2018
Insurer Admiral Group is the latest to reveal plans for a new European Union hub office in order to maintain continuity in its trading needs after the UK's exit from the EU under Brexit. Admiral Group intends to set up entities in Spain and has already put in applications with the ... Read the full article
Re/insurers left in “unacceptable position” of Brexit uncertainty: BIBA
28th February 2018
Hopes for the UK government to lay out clear grounds for businesses during the transition period appear to have been dashed after the government's response to the Treasury Select Committee’s report on transitional arrangements for exiting the EU leaves re/insurers in an "unacceptable position" according to Steve White, Chief Executive ... Read the full article
UK life insurers’ longevity risk could spur life reinsurance demand: S&P
27th February 2018
UK life insurers are facing material longevity risks as the sector undergoes significant change leading to increased diversification of business and products and spurring demand for longevity reinsurance uptake, according to a recent S&P report. "Historical sales of individual annuities mean that longevity risk will still be material in the future. "However, ... Read the full article
Association of British Insurers’ head stresses need for ‘straightforward’ Brexit
27th February 2018
Huw Evans, Director General of the Association of British Insurers (ABI), has dedicated his speech at the association’s annual dinner to criticising the conduct of the British Government in recent negotiations concerning the UK’s departure from the European Union (EU), and has stressed the insurance industry’s need for a straightforward ... Read the full article
London Market Group names claims transformation as key 2018 TOM priority
26th February 2018
The London Market Group has revealed plans to make claims transformation a top priority for its Target Operating Model (TOM) in 2018 while continuing to focus on Brexit, electronic placing, and further development of the LMA Academy in Lloyd’s overseas hubs. Shirine Khoury Haq, Chief Operating Officer of Lloyd's and sponsor of ... Read the full article
Steamship Mutual applies for Netherlands subsidiary in light of Brexit: Reuters
22nd February 2018
Steamship Mutual, a British ship insurance company, is reportedly planning to establish a new Netherlands subsidiary in response to the UK's vote to leave the European Union (EU), according to Reuters. Widespread uncertainty still surrounds the Brexit process, and in response a number of insurers and reinsurers have announced plans to ... Read the full article
Cologne offered as post-Brexit home for re/insurers
22nd February 2018
Henriette Reker, who's served as the Mayor of Cologne since 2015, made the case for Cologne as a suitable home to EU-servicing re/insurers seeking post-Brexit refuge, offering UK and international re/insurers a post-Brexit home in a meeting this week with industry representatives. As one of Germany's leading insurance centres, Cologne already ... Read the full article
UK life insurers seen as resilient, even under Brexit pressures: S&P
20th February 2018
Rating agency S&P has marked the U.K. life insurance sector as being one of the few major markets with a low risk assessment, forecast for growth, and spurred on by the expansion to all employers of the automatic enrolment of staff into company pensions this year, but Brexit could challenge the ... Read the full article
UK life and non-life insurance sector “stable” in 2018: S&P
19th February 2018
The S&P outlook for both life and the non-life sector for UK insurers is stable in 2018, with expansion forecast for life insurance, but regulatory risk could pose a challenge to the industry. The expectation is that economics in the UK will remain in line with historical standards for the most ... Read the full article
LIIBA & EY urge brokers to be ready for Brexit
15th February 2018
The London and International Insurance Brokers’ Association (LIIBA) and EY have released a report to advise on the significant uncertainty that still surrounds regulation for intermediaries, and their authorisation process for placing and servicing European risk from the UK post-Brexit. Christopher Croft, Chief Executive Officer (CEO) of LIIBA, said that although ... Read the full article