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.
LIIBA Chair says contract continuity must be ensured post-Brexit
1st February 2018
Speaking at the BIPAR (European Federation of Insurance Intermediaries) annual conference in Madrid today, Andrew Agnew, Chair of London & International Insurance Brokers' Association (LIIBA) said that to ensure London is where the world wants to do business, continuity is critical to ensuring clients don't suffer as a result of ... Read the full article
Lloyd’s Inga Beale cites concern over Brexit uncertainties at the WEF
29th January 2018
As Brexit negotiations enter a second phase to focus on a trade deal once the U.K. leaves the European Union, Lloyd's Chief Executive Officer Inga Beale reiterated concerns over the impact on business of remaining Brexit uncertainties at the World Economic Forum (WEF) in Davos. She told the CNBC; "the government ... Read the full article
Regulatory development a top priority for London Insurance Market: IUA
24th January 2018
With Brexit looming the International Underwriting Association (IUA) has named regulatory development as a top priority for the London Insurance Market in 2018, if the re/insurance hub is to retain its global relevance in coming years. Firms operating in the London market have been tasked with the challenge of adapting to ... Read the full article
Inga Beale confirms January 2019 as launch date for Lloyd’s Brussels subsidiary
16th January 2018
Lloyd's of London Chief Executive Officer (CEO) Inga Beale confirmed that the marketplace is set to begin operations in Brussels next January. Lloyd's announced in March 2017 that it had selected Brussels, Belgium, as its European Union home with the aim being to be ready to underwrite business there for the 1st ... Read the full article
Lloyd’s welcomes Bank of England post-Brexit supervision approach
20th December 2017
The Chairman of Lloyd’s Bruce Carnegie-Brown has said that the Corporation welcomes the Bank of England's newly published guidance on its approach to the supervision of international insurers, as well as to branch authorisation and supervision in a post-Brexit world. The Bank of England's Prudential Regulation Authority (PRA) unit has provided ... Read the full article
Travelers to establish Dublin subsidiary in wake of Brexit
19th December 2017
In response to the UK's vote to leave the European Union (EU), Travelers Europe, a subsidiary of the Travelers Companies, Inc., is to apply to the Central Bank of Ireland for authorisation to establish a new Dublin-based insurance subsidiary. Travelers is the latest to join a long and growing list of ... Read the full article
UK re/insurers could lose “substantial business” without Brexit transition deal
14th December 2017
The Lloyd's Market Association (LMA), which represents the interests of the underwriting community at Lloyd's of London, said that if the UK does not have appropriate transitional arrangements in place before Brexit, the market could lose "substantial business." The UK government's Treasury Committee published a report today that stresses the importance ... Read the full article
Brexit certainty “urgently” needed for re/insurance sector: Inga Beale
8th December 2017
The UK's insurance and reinsurance sector still requires greater certainty on how the UK's trading relationship will pan out post-Brexit, according to Lloyd's of London Chief Executive Inga Beale. Speaking after the UK government and the EU announced that they are ready to move onto the next phase of Brexit talks, ... Read the full article
Insurance lobby group calls for transitional UK & EU re/insurance deal
4th December 2017
An insurance lobby group has called for transitional agreements between Britain and the European Union and a "mutual market access" deal to preserve London's global reinsurance hub post-Brexit and ensure stability in the short-term. Malcolm Newman, leader of the London Market Group’s Brexit task force, told Reuters that with the ... Read the full article
LMG proposes UK-EU post-Brexit Free Trade Agreement
29th November 2017
The London Market Group (LMG) has issued a proposed Free Trade Agreement (FTA) that follows the EU-U.S. covered agreement model to enable post-Brexit mutual market access for UK and EU re/insurers. The FTA would ensure that UK and EU governments maintain control over their regulatory systems, with a Solvency II equivalence ... Read the full article
UK P&I Club the latest to announce post-Brexit subsidiary plans
24th November 2017
Provider of P&I insurance and related services to the global shipping industry, UK P&I Club, has announced plans to establish a subsidiary in the Netherlands amidst continued uncertainty surrounding the UK's vote to leave the European Union (EU). The announcement comes shortly after North P&I Club and Sunderland Marine announced ... Read the full article
Brexit uncertainty sees North P&I & Sunderland Marine launch Irish insurer
22nd November 2017
North P&I Club and its subsidiary Sunderland Marine have announced plans to establish a subsidiary insurance company in Ireland to ensure passporting rights following the UK's vote to leave the European Union (EU). In a statement, North P&I and Sunderland Marine underlined their reliance on EU passporting rights to insure risks ... Read the full article
Sompo International sets up EU HQ in Luxembourg as Brexit response
21st November 2017
Bermuda based specialty insurance and reinsurance firm Sompo International, which was formerly named Endurance, is preparing for a post-Brexit world with the establishment of a new European headquarters in Luxembourg. Sompo International is setting up a new entity registered in Luxembourg, SI Insurance (Europe), which will underwrite both insurance and reinsurance ... Read the full article
MS&AD Insurance Group reveals post-Brexit shift to Luxembourg
1st November 2017
MS&AD Insurance Group Japanese subsidiary Aioi Nissay Dowa Insurance, (ADI), has revealed plans to restructure the firm's Europe operations, opening a new UK branch and shifting business to Luxembourg to ensure post-Brexit continuity of its European automobile insurance-centred business. UK - based subsidiary Aioi Nissay Dowa Insurance Company of Europe (ADE), the European subsidiary ... Read the full article
TPA Advent Claims partners with Van Ameyde for post-Brexit support
25th October 2017
InsurTech-led claims Third Party Administrator, Advent Claims, has partnered with pan-European claims specialist Van Ameyde - expanding its post-Brexit support network to include Lloyd’s managing agents and coverholders across Europe. The agreement builds on similar joint ventures in the U.S., Canada and Australia which give Advent access to around 80% of ... Read the full article