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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.

AM Best’s post-Brexit arrangements will apply irrespective of EU trade deal

3rd February 2020

A.M. Best has said that measures it has implemented to prepare for a post-Brexit environment will apply irrespective of the UK's ability to reach a trade with the European Union (EU) by December 2020. Like many other global organisations within the UK financial services sector, ratings agency A.M. Best has taken ... Read the full article

UK re/insurers prepared for Brexit, but long-term effects uncertain: AM Best

31st January 2020

With the UK set to imminently depart the European Union (EU), AM Best has said UK re/insurers are well prepared from an operational standpoint, but could face some negative consequences in the longer-term. The rating agency noted that extensive preparations have been undertaken across the UK and European markets to ensure ... Read the full article

LIIBA agenda spotlights Lloyd’s reforms & Brexit planning

27th January 2020

The London and International Insurance Brokers’ Association (LIIBA) has announced the publication of its agenda for 2020, which emphasises further participation in the Future at Lloyd’s program and efforts to support Brexit planning. Specific initiatives for the year include working with HM Treasury to explore options for a regulatory approach more ... Read the full article

UK election result offers insurers increased certainty: Clyde & Co’s Newman

16th December 2019

Despite much work still needing to be done around the UK's Brexit vote and future trade relationships, the result of the general election last week, which saw the Conservatives win an overall majority, delivers a greater level of certainty for insurers than what the sector has been used to over ... Read the full article

Malta could become alternative to the UK after Brexit: finance leaders

6th November 2019

Malta could develop into an alternative base for UK re/insurers after Brexit, according to leading figures from financial and re/insurance industry bodies in Malta. Speaking at a recent roundtable in London, Matthew Bianchi, Governor of FinanceMalta, said expected the jurisdiction to evolve into an attractive option for re/insurers looking to retain ... Read the full article

EU market access prompts Aon to move parent incorporation to Ireland

29th October 2019

As a result of Brexit and a subsequent desire to remain within the European Union (EU) single market, global insurance and reinsurance broker, Aon, has filed a preliminary proxy statement to move the jurisdiction of incorporation for the firm's parent company from the UK to Ireland. According to Aon, "Remaining within ... Read the full article

Insurers’ post-Brexit European branches generate more business in 2018: IUA

10th October 2019

As London market participants continue to prepare for the uncertain impacts of Brexit, the amount of new business being generated through established European branches and the volume of controlled business written in Europe (excluding the UK and Ireland), increased by more than 9% to £4.89 billion in 2018, reports the ... Read the full article

Everest Insurance Ireland’s UK branch now fully operational

3rd October 2019

Everest Insurance (Ireland), DAC (EIID) has revealed that its UK branch is now fully operational and has the ability to write a variety of business lines. Established in 2017, EIID enables insurer and reinsurer Everest to continue operating throughout the EU post-Brexit, providing its clients with continuity. In April of this year, ... Read the full article

GCube sets up post-Brexit hub in Amsterdam, names senior underwriters

25th September 2019

Specialist renewable energy insurer GCube has bolstered its European presence with the establishment of a new base in Amsterdam, which will serve as a hub to service clients following the UK’s exit from the European Union (EU). At the same time, GCube has appointed Andries Veldstra and Elkhadir El Hammdaoui as ... Read the full article

London may lose £61bn of re/insurance business due to Brexit, reports suggest

2nd September 2019

London may lose as much as £61 billion of insurance business as a result of the UK’s decision to leave the European Union (EU), according to reports from Bloomberg. The publication noted that huge amounts of business are being shifted over to rival financial centres on the continent, which will continue ... Read the full article

No-deal Brexit could decimate London market, EY survey suggests

5th August 2019

In the event of a no-deal Brexit, which is currently seen as increasingly likely to occur, as many as 42% of financial services firms are considering moving their UK businesses to a new global centre. A survey undertaken by global consultancy and advisory EY found that while the majority of financial ... Read the full article

UK should seek reinsurance equivalence with EU after Brexit, says LMG

29th July 2019

The London Market Group (LMG) has urged the UK Government to seek reinsurance equivalence under Solvency II regulations to guarantee London market firms continued access to the EU market after Brexit. When negotiating its future trading relationship with the EU, the LMG argued that the UK should prioritise the access of ... Read the full article

ABI calls on new Government to support industry and secure an orderly Brexit

29th July 2019

Following the appointment of Boris Johnson as the new Prime Minister of the UK and subsequent Cabinet reshuffle, the Association of British Insurers (ABI) has underlined the importance of the new Government supporting the UK's insurance industry and implementing an orderly Brexit. Huw Evans, Director General of the ABI stressed that ... Read the full article

UK insurers well-placed, but no-deal Brexit could have significant implications: S&P

2nd July 2019

S&P Global Ratings sees broadly stable trends for the UK insurance sector but warns that a no-deal Brexit outcome could have important long and short-term implications for the UK economy, which could be a key risk for ratings on UK insurance firms. The global financial services ratings agency maintains a base-case ... Read the full article

Impact of Brexit on UK financial services nears £4bn: EY

27th June 2019

According to data from EY, the impact of Brexit on UK financial services has reached nearly £4 billion as of May 31, 2019. This sum includes costs of £1.3 billion for relocating staff and operations, legal advice, and contingency provisions, as well as an additional £2.6bn for capital injections to scale ... Read the full article

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