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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.

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

US/UK negotiations should focus on regulatory co-op, market modernisation: APCIA

31st January 2019

Fostering deeper regulatory cooperation and the modernisation of cross-border re/insurance market access and data rules have been highlighted as themes that should be discussed surrounding the U.S. / UK trade negotiations, according to Steve Simchak, Vice President and Chief International Counsel of the America Property Casualty Insurance Association (APCIA). Testifying recently ... Read the full article

Lloyd’s will complete transfer to Brussels by 2020, says Brexit Director

31st January 2019

Insurance and reinsurance marketplace Lloyd’s of London is expecting to have completed the transfer of policies to its new Brussels subsidiary by the end of the Brexit transition period in 2020, according to Hayley Spink, Director of Lloyd’s Brexit Programme. Speaking as part of a panel at the Fitch Insurance Roadshow ... Read the full article

Travelers Europe obtains licence for Dublin subsidiary as Brexit nears

30th January 2019

Travelers Europe, a division of The Travelers Companies Inc., has been granted a licence by the Central Bank of Ireland for a new insurance subsidiary based in Dublin, in order to ensure continuity for its clients post-Brexit. The new insurer, called Travelers Insurance Designated Activity Company (Travelers Insurance DAC), is intended ... Read the full article

Swiss Re opens capital markets unit in Luxembourg ahead of Brexit

29th January 2019

Swiss Re has set up a new capital markets unit in Luxembourg to ensure continuity of service for its derivative contracts after the UK leaves the European Union. Swiss Re Capital Markets Europe, S.A. was established by the reinsurer’s commercial risks division, Swiss Re Corporate Solutions, to ensure that the company ... Read the full article

UK & Switzerland commit to post-Brexit insurance terms

25th January 2019

The UK and Switzerland have agreed to allow insurers and reinsurers to trade freely between the two countries once the UK completes its exit from the European Union (EU). UK Finance Minister Phillip Hammond and Ueli Maurer, President of the Swiss Confederation and Head of the Federal Department of Finance, signed ... Read the full article

Brexit prep has sapped business from UK insurance market, say experts

25th January 2019

The host of new European hubs established by re/insurers in preparation for Brexit have already begun to “sap business" away from the UK market, leaving it “less important than it was before,” according to a panel of industry experts. Speaking at Fitch Ratings’ Insurance Roadshow 2019 event in London, the panellists offered ... Read the full article

Luxembourg selected as post-Brexit hub by 11 re/insurers in 2018

24th January 2019

Luxembourg saw the arrival of 11 new global insurance and reinsurance companies in 2018, which decided to move their European headquarters to the country ahead of the UK’s planned departure from the European Union (EU) in March 2019. Most of these companies have already started operating with their new licences, and ... Read the full article

AXA XL unit completes move to Ireland ahead of Brexit

18th January 2019

AXA XL has completed the transfer of its wholly owned subsidiary, XL Insurance Company SE (XLICSE), to Dublin, Ireland ahead of the UK’s planned departure from the European Union (EU). The insurer previously announced in October 2018 that it had received authorisation from the Central Bank of Ireland to go ... Read the full article

Ireland targets insurance protection law in case of no-deal Brexit

18th January 2019

The Irish Times has reported that the Republic is looking to create new legislation that would enable UK and Gibraltar domiciled insurers and brokers to continue to serve Irish policyholders for up to three years, should the UK leave the EU without securing a deal. As widespread uncertainty and confusion ... Read the full article

Rejected Brexit deal fuels additional uncertainty for UK re/insurers: A.M. Best

17th January 2019

Global financial services ratings agency, A.M. Best, has said that the fact the UK Government's EU withdrawal agreement was defeated in the House of Commons, increases uncertainty surrounding the UK's trading relationship with the EU. Following the heavy defeat suffered by UK Prime Minister Theresa May on January 15th, 2019 a ... Read the full article

Ongoing Brexit uncertainty for London re/insurance market

16th January 2019

Following yesterday's crushing parliamentary defeat, in which Prime Minister Theresa May's EU withdrawal agreement was rejected by MPs by more than 200 votes, uncertainty remains for the London insurance and reinsurance industry. The PM's withdrawal agreement was rejected by 432 votes to 202, and with the government facing a vote of ... Read the full article

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