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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.

Luxembourg approves no-deal Brexit grace period for UK insurers

29th March 2019

Luxembourg’s parliament has passed new legislation that will allow UK-based insurers operating in the country to continue to serve EU clients for 21 months in case of a no-deal Brexit scenario, according to reports from Luxembourg Times. The new bill will mean that UK financial companies, including insurers, won’t be considered ... Read the full article

A.M. Best stays negative on UK non-life insurance

28th March 2019

Global financial services ratings agency, A.M. Best, has maintained its negative outlook on the UK non-life insurance market in light of strong competition, legislative changes, political and economic uncertainty, and increased regulatory scrutiny. A.M. Best expects the profits of UK non-life insurers to remain under pressure in 2019, driven largely by ... Read the full article

LSM re-domiciles European insurance company to Luxembourg

21st March 2019

Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, has has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of Brexit. While LSM has opened its new headquarters in Luxembourg it will maintain its branch network in the UK, Continental Europe and the ... Read the full article

A.M. Best will continue to provide ratings in UK & EU after Brexit

20th March 2019

A.M. Best has confirmed that it expects to be able to continue providing credit ratings that can be used for regulatory purposes in both the UK and European Union (EU) after Brexit. The rating agency incorporated a new subsidiary in Amsterdam last year and secured credit rating agency (CRA) registration with ... Read the full article

Despite the confusion, UK-rated insurers are generally ready for Brexit: A.M. Best

19th March 2019

As widespread uncertainty, confusion and an overall lack of clarity continues to underpin the UK's departure from the European Union (EU), international financial services ratings agency, A.M. Best, has said that whatever the outcome, UK-rated insurers are generally well prepared for Brexit. Exactly when the UK is to leave the EU ... Read the full article

Uncertainty remains despite vote seeking article 50 extension: Clyde & Co, ABI

15th March 2019

Despite the fact MPs voted overwhelmingly to seek an extension to article 50, widespread uncertainty remains for the UK's financial services sector, with a no-deal scenario still very much a possibility. MPs voted in favour of an extension to article 50 by 413 votes to 202, a move that would delay ... Read the full article

Odyssey’s Newline Brexit unit receives PCA rating from A.M. Best

7th March 2019

Newline Europe Versicherung AG, the European insurance hub that Odyssey Group Holdings plans to establish ahead of Brexit, has received a Preliminary Credit Assessment (PCA) from rating agency A.M. Best. The firm assigned a Financial Strength Assessment of A pca (Excellent) and a Long-Term Issuer Credit Assessment of ‘a+’ pca to ... Read the full article

Berkshire Hathaway’s Dublin unit granted approval ahead of Brexit

6th March 2019

Berkshire Hathaway Insurance Group has announced that its new Irish subsidiary, Berkshire Hathaway European Insurance DAC (BHEI), has been granted a Certificate of Authorisation by the Central Bank of Ireland to operate as an insurer in Ireland and the European Economic Area (EEA). Based in Dublin, BHEI will operate as a ... Read the full article

UK & EU insurance regulators agree to no-deal Brexit cooperation

6th March 2019

The Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have agreed to Memoranda of Understandings (MoUs) with European insurance supervisors to ensure cooperation if the UK leaves the EU without a withdrawal agreement. The agreements, which were supported by the European Insurance and Occupational Pensions ... Read the full article

Travelers’ post-Brexit Dublin unit obtains A++ strength rating

5th March 2019

Travelers Insurance Designated Activity Company (TIDAC) (Ireland), the newly established European subsidiary of Travelers Companies, Inc., has obtained a Financial Strength Rating of A++ (Superior) from A.M. Best. Travelers recently obtained a licence from the Central Bank of Ireland to write business from the Dublin-based unit, which will ensure continuity ... Read the full article

Brexit-driven RWN poses no immediate threat to UK insurer ratings: Fitch

27th February 2019

According to global financial services rating agency, Fitch Ratings, the Rating Watch Negative (RWN) assigned on the UK, in light of Brexit, does not suggest any immediate threat to UK insurers' ratings. The ratings agency states that, in itself, a one-notch sovereign downgrade would not result in insurer downgrades, adding that ... Read the full article

ABI Director urges Brexit delay to avoid “economic self-harm”

26th February 2019

Huw Evans, Director General of the Association of British Insurers (ABI), has urged the UK Government to delay the UK's planned withdrawal from the European Union (EU) in order to avoid a no-deal scenario, which he claims would be “an unforgivable act of economic and social self-harm that the UK ... Read the full article

Germany agrees to extend passporting rights for UK insurers

25th February 2019

Germany has adopted preliminary provisions to authorise the temporary extension of UK financial institutions’ passporting rights, including insurers, in the event of a no-deal Brexit, Clyde & Co analysts have reported. These measures are reportedly part of a wider set of legislation concerning primarily tax matters and allows the extension of ... Read the full article

No-deal Brexit not yet a “base case for rating purposes”: S&P Global

20th February 2019

While the likelihood of Brexit ending in a no-deal scenario remains high, it does not yet warrant becoming a base for rating purposes, according to S&P Global analysts. S&P points to a strong incentive for both the UK and European Union (EU) to successfully negotiate a more favourable exit as the ... Read the full article

Lancashire to write post-Brexit business through Lloyd’s Brussels

15th February 2019

Specialty insurance and reinsurance group Lancashire Holdings intends to use Lloyd’s recently established European hub in Brussels to write business after the UK leaves the European Union, according to reports from Reuters. Speaking in an interview with the publication, Alex Maloney, Chief Executive Officer (CEO) at Lancashire, said: “We have negotiated ... Read the full article

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