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.
MS Amlin to shift EU business to Belgium in wake of Brexit
28th June 2017
Global specialist insurance and reinsurance firm MS Amlin is to shift and redomicile its European business from London to Belgium, as a response to Brexit, although the firm's global headquarters will remain in the UK. The Amlin Insurance Societas Europaea (S.E.) (“AISE”) business will move to Belgium, a country where MS ... Read the full article
Ogden rate & market innovation: UK Economic Secretary Steven Barclay
28th June 2017
The UK Economic Secretary Steven Barclay said yesterday in a speech at the Association of British Insurers conference, the government is consulting on how to set the Ogden rate for England and Wales, to ensure a "better and fairer system for claimants and defendants." Barclay said; "We are currently considering the ... Read the full article
Global reinsurers call for post-Brexit continuity
26th June 2017
Some of the largest reinsurance companies in the world are calling for the UK and EU to maintain continuity, calling for existing access arrangements to be maintained between the pair, in a letter seen by Reuters. For UK insurers and reinsurers, continued access to European markets after Brexit has been implemented ... Read the full article
London re/insurance centre will remain unchallenged by Brexit: Aon Benfield
16th June 2017
An Aon Benfield publication on the potential impact of Brexit on re/insurers states the London specialty re/insurance centre will remain unscathed and unchallenged by EU departure, due to London-based reinsurers' not having to rely on single market access to sell solutions to European clients. This is down to the relative proportion of ... Read the full article
FM Global gets license for Luxembourg subsidiary
31st May 2017
Commercial property insurer FM Global has been granted a license in Luxembourg, enabling the insurer to continue to deliver coverage to policyholders throughout the European Economic Area (EEA). “We chose Luxembourg as our EEA hub because it’s a multinational business-friendly financial center with regulatory expertise that enables us to remain true to ... Read the full article
Insurance leaders concerned at London’s ability to attract capital & talent post-Brexit: DWF
23rd May 2017
FTSE 100 insurance leaders have voiced concern over London's position as a global financial hub in a post-Brexit world, after a recent survey and accompanying report from law firm DWF highlights doubts about the city's ability to attract capital and talent once the UK leaves the European Union (EU). While no one can be ... Read the full article
Markel responds to Brexit with plans to establish German insurance company
18th May 2017
Re/insurer Markel has announced plans to open a branch in Germany to ensure it can continue to service its EU-clients after Britain leaves the union and to support its EU-27 growth strategy. The branch is set to be opened in Munich within the first half of 2018, and no later than ... Read the full article
Lloyd’s Inga Beale calls on the City of London to support re/insurance modernisation
10th May 2017
Lloyd's Chief Executive Officer (CEO), Inga Beale, has said London's access to talent and emerging markets must be prioritised if the city's re/insurance industry is to thrive in future years. And while these factors could become increasingly challenged in an era of populism and protectionism, Beale said she believes Brexit could ... Read the full article
Brexit not expected to dramatically impact reinsurance at Hannover Re: CEO, Wallen
10th May 2017
The Chief Executive Officer (CEO) of reinsurer Hannover Re, Ulrich Wallen, said during the firm's annual general meeting (AGM) that it doesn't expect the UK's Brexit vote to dramatically impact its reinsurance operations, reported Reuters. Domiciled in Germany, Hannover Re has a branch in the UK from which it writes property, casualty, ... Read the full article
Global reinsurers taking market share from London: LMG
9th May 2017
Global reinsurers have taken a share of the re/insurance market from London, as factors like a high concentration of specialist insurers and Brexit have contributed to its shrinking market presence in emerging markets and threaten a continual reduction of its global market share. The London Market Group (LMG) and The Boston Consulting ... Read the full article
Hiscox to establish EU subsidiary in Luxembourg
9th May 2017
Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move. The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will ... Read the full article
New EU base to boost Lloyd’s European market share: John Nelson
27th April 2017
Chairman of the specialist Lloyd's of London insurance and reinsurance marketplace, John Nelson, has said the establishment of a base in mainland Europe will help the insurer increase its European market share. Lloyd's announced earlier this year that it would establish an insurance subsidiary in Brussels, Belgium, as its European Union ... Read the full article
PRA gives UK re/insurers mid-July deadline for Brexit back-up plans
21st April 2017
The Prudential Regulatory Authority, (PRA) - the UK’s financial market regulator - has asked re/insurers to immediately address the Brexit question by setting a mid July deadline for firms to produce a worst-case-scenario back-up plan for post-Brexit trading. The regulator is demanding firms convey their plans to deal with all potential ... Read the full article
Moody’s predicts manageable operational risk for insurers from Brexit
31st March 2017
For the large majority of UK insurers operational risks following the Brexit vote are expected to be manageable, and the credit impact will likely be moderate, according to Moody's Investors Service. Exactly how much of an impact the UK's vote leave the EU will have on the London market and broader ... Read the full article
Life reinsurance expansion in Asia could outpace primary market growth: Berenberg
30th March 2017
Life reinsurance market growth in Asia could exceed the forecasted 10-15% primary insurance market increase in what’s forecasted to be a period of boom for the emerging life segment in Asia, Berenberg analysts said in their latest report on emerging Asian markets. This surge is expected to be driven by rising reinsurance ... Read the full article
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