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.

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

France issues emergency no-deal Brexit measures for insurers

8th February 2019

The French government has issued a set of emergency measures for insurance contracts that will take effect if the UK withdraws from the European Union (EU) without an agreement concluded in accordance with article 50. The rules relate to contracts entered into before Brexit on the basis of the European Economic ... Read the full article

LIIBA sets sights on a truly digitalised market

6th February 2019

The London and International Insurance Brokers' Association (LIIBA) recently announced its agenda for 2019, titled Domestic Efficiency and International Growth, and which follows a number of tangible successes from the 2018 agenda. LIIBA states that from its 2018 agenda, one of the tangible successes is with PPL and the fact more ... Read the full article

Questions remain, but London market is prepared for no-deal Brexit: IUA CEO

4th February 2019

Dave Matcham, the Chief Executive Officer (CEO) of the International Underwriting Association (IUA), has said that were the UK to leave the European Union (EU) under a no-deal scenario, the London market is well prepared. With the March 29 Brexit deadline fast-approaching, widespread uncertainty, confusion and generally an overall lack of ... Read the full article

Cyber and business interruption top global risk rankings: Allianz

1st February 2019

Cyber incidents and business interruption (BI) are tied as the most concerning risks for global businesses in 2019 and beyond, according to the results of the latest Allianz Risk Barometer report. The annual survey by Allianz, which questioned 2,415 experts from 86 countries, found that 37% of respondents identified cyber as ... Read the full article

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