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.
AXA to move int. risk & reinsurance units to Ireland due to Brexit
10th January 2019
AXA is reportedly planning to move its international risk and reinsurance operations from the UK to Ireland in preparation for the UK’s departure from the European Union (EU) in March 2019, according to Reuters. The publication claimed that a subsidiary in Dublin will handle AXA’s large European risks and reinsurance, while ... Read the full article
£800bn of UK assets shifted to Europe since EU referendum: EY
9th January 2019
Since the UK’s EU referendum in 2016, companies comprising the UK’s financial service sector have announced a transfer of assets out of London totalling £800 billion, according to a report from multinational professional services firm EY. The report tracked 222 UK-based firms and shows that 36% of companies have publicly confirmed, ... Read the full article
Royal London opens subsidiary in Ireland ahead of Brexit
8th January 2019
UK-based mutual insurer Royal London has opened a new subsidiary in Ireland to ensure continuity of service for customers who may be affected by the UK’s decision to leave the European Union (EU) in March 2019. The insurer explained that the subsidiary would build on the work of its existing Irish ... Read the full article
Chubb completes move to France ahead of Brexit
2nd January 2019
Chubb European Group has completed its planned move from London to France as part of its preparations for the UK’s departure from the European Union (EU) in March 2019. The redomicile to Paris is effective from 1 January and aims to provide Chubb customers with continuous, uninterrupted service regardless of the ... Read the full article
QBE European Operations’ post-Brexit plans approved by High Court
2nd January 2019
QBE European Operations, part of the QBE Insurance Group, has announced the implementation of its post-Brexit plans after its Part VII transfers came into effect in the New Year. A Part VII transfer is essentially a court-sanctioned legal transfer of some or all of the policies of one company to another QBE ... Read the full article
UK, U.S announce signing of post-Brexit re/insurance agreement
20th December 2018
A joint statement has been issued by the U.S and UK regarding the successful signing of a previously-announced Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance (U.S-UK Covered Agreement). The new U.S-UK Covered Agreement aims at upholding the terms of the U.S-EU Covered Agreement, signed in 2017, which outlined ... Read the full article
Sonja Rottiers to replace Vandendael as Lloyd’s Brussels CEO
20th December 2018
It has been announced that Lloyd’s post-Brexit European base in Brussels will be lead by Sonja Rottiers as Chief Executive Officer. This appointment follows the recent departure of Lloyd's Brussels' previous CEO Vincent Vandendael, who played a key role in its' successful establishment. Rottiers will also serve as Lloyd’s Regional ... Read the full article
ABI Director slates European Commission’s no-deal Brexit plans
19th December 2018
Hugh Savill, Director of Regulation at the Association of British Insurers (ABI) has criticised the contingency plans released today by the European Commission, which outline the European Union’s (EU) response to a potential ‘no-deal’ Brexit scenario for re/insurers. Savill argued that the plans fail to provide adequate support for the millions ... Read the full article
UK and U.S finalise re/insurance agreement ahead of Brexit
12th December 2018
The U.S Department of the Treasury and the Office of the U.S Trade Representative have finalised the terms of a bilateral agreement that aims to provide regulatory certainty for UK and U.S re/insurance markets ahead of Brexit. The new U.S-UK Covered Agreement will uphold the terms of the U.S-EU Covered Agreement, ... Read the full article
LSM secures licence for post-Brexit Luxembourg business
12th December 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence for its European insurance company, Liberty Mutual Insurance Europe SE (LMIE), to operate from Luxembourg. While LSM intends to maintain its UK presence, the company says this new licence means it will be able to continue conducting ... Read the full article
No-deal Brexit poses risk for re/insurers despite fall-back plans: Fitch
11th December 2018
Interim solutions and contingency planning are reducing some of the risks of a ‘no-deal’ Brexit, but it remains uncertain how restrictions on cross-border authorisation could potentially impact re/insurers and other financial institutions (FIs), according to analysts at Fitch Ratings. The rating agency noted that a range of potential Brexit outcomes still ... Read the full article
Artex’s Malta PCC offers UK brokers no-deal Brexit alternative
10th December 2018
As the UK’s exit from the European Union continues to stir uncertainty throughout the financial sector, Artex Risk Solutions hopes to provide small-to-medium sized brokers with a relatively low-cost and convenient way of continuing operations on the continent with the formation of a Malta-based Protected Cell Company (PCC). Theresa May’s draft ... Read the full article
QBE European Operations adds trio of underwriters to trade credit team
6th December 2018
QBE European Operations, part of the QBE Insurance Group, has added three underwriters to its trade credit team as it seeks to take advantage of the Brexit-driven increase in demand for trade credit cover. According to recent Association of British Insurers (ABI) figures, trade credit insurance claims in the UK have ... Read the full article
CNA Hardy receives Brexit structure approval
6th December 2018
Specialist commercial insurer CNA Hardy has announced that CNA Insurance Company Limited (CICL) has received approval to transfer its European business to its new Luxembourg subsidiary. The approval from the High Court of England & Wales enables the firm, which provides insurance for clients within the Lloyd's and company markets, to ... Read the full article
Lloyd’s Brussels to write proportional treaty reinsurance from March 2019
6th December 2018
The specialist Lloyd’s of London insurance and reinsurance market has confirmed that its post-Brexit European base in Brussels, Belgium will be able to write proportional treaty reinsurance from 1 March 2019. Lloyd’s Brussels, which is due to launch next month, was already set to commence writing and processing facultative reinsurance ... Read the full article