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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.

Lloyd’s of London chooses Brussels for EU base

30th March 2017

The specialist Lloyd’s of London insurance and reinsurance market has selected Brussels, Belgium as its European Union home with the aim being to be ready to underwrite business there for the 1st January 2019 renewal season. Lloyd's has been looking for an EU base for a subsidiary insurance company, to secure ... Read the full article

UK re/insurance industry will continue to thrive post-Brexit: PwC

29th March 2017

Prime Minister Theresa May has now triggered Article 50 signalling the start of the UK's process of leaving the European Union (EU) and, for insurers and reinsurers communication is an essential part of embracing the changes and ensuring the UK re/insurance industry thrives post-Brexit, according to PwC. Commenting on the triggering ... Read the full article

Study suggests £4 billion Brexit impact to London reinsurance market

24th March 2017

As Britain prepares to release the final Article 50 trigger to kick-off EU exit negotiations and the City of London braces for the anticipated knock-on blow, London School of Economics (LSE), Financial Markets Group director, Simeon Djankov, has set ensuing annual reinsurance revenue loss estimates at £4 billion. London's finance sector ... Read the full article

Lloyd’s to announce location of EU subsidiary by end of month: Reports

24th March 2017

The specialist Lloyd's of London insurance and reinsurance marketplace is to reveal the location of its post-Brexit EU subsidiary on the same day Prime Minister Theresa May triggers Article 50, which marks the start of the official UK Brexit process, according to Sky News. The Lloyd's council is due to meet ... Read the full article

At least ten insurers signal post-Brexit move to Ireland

10th March 2017

Ireland’s head of insurance regulation said ten insurers have set their sights on Ireland as their post-Brexit base with five insurers submitting applications for Central Bank insurance authorisation, and a further five signalling a firm intention to apply, the Irish Times reported. Director of insurance supervision at the bank, Sylvia Cronin, ... Read the full article

Regulatory equivalence, new trade deal are key Brexit concerns: LMG

9th March 2017

The London Market Group (LMG), an independent UK and London insurance and reinsurance market lobby group, has called for the UK government to assure regulatory equivalence is maintained after Brexit and that a new trade deal is secured with the EU. The LMG has published a report full of recommendations for ... Read the full article

Trump / Brexit uncertainty could sell political risk cover, says Lloyd’s Beale

15th February 2017

Uncertainty in financial markets and in the international business world as a result of Donald Trump's presidency and Brexit could lead to an increased demand for political risk insurance cover, something Lloyd's of London's Inga Beale highlights as a potential opportunity. As reported by Bloomberg here, Beale spoke in ... Read the full article

Competition, not Brexit, biggest threat to UK re/insurance: CBI/PwC

23rd January 2017

Competition, not Brexit, is named the biggest challenge to the re/insurance industry in the UK in a CBI/PwC Financial Services survey released today. Despite changing political and economic factors making for complex navigation of the British insurance and reinsurance market, stiff competition from new entrants and other areas of financial services ... Read the full article

Brexit uncertainty to challenge UK re/insurers: A.M. Best

20th January 2017

International rating agency A.M. Best has again discussed the UK's vote to leave the EU following British Prime Minister, Theresa May's 12-point Brexit speech. A.M. Best said that while it doesn't anticipate any rating actions, broad uncertainty makes it challenging for the London and broader UK insurance and reinsurance marketplace. Despite ... Read the full article

BIBA calls for continued EU market access after Brexit

16th January 2017

The British Insurance Brokers’ Association (BIBA) has called for the UK government to negotiate for continued and uninterrupted access to the European single market access after Brexit. BIBA’s Chief Executive Steve White explained that more than 2,700 UK insurance intermediaries benefit from passports that enable them to access EU states and ... Read the full article

Reinsurer Brexit planning to accelerate in 2017

20th December 2016

Insurance and reinsurance businesses across Europe are expected to accelerate their Brexit planning in 2017, as urgency rises within the industry and the need to ensure continuity in operating models becomes paramount. According to Ivor Edwards of global law firm Clyde & Co in London, the actual timing of the triggering ... Read the full article

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