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.
LMG urges progress on post-Brexit equivalence for insurers, brokers
6th December 2018
The London Market Group has underscored changes it believes must be made to the European Union equivalence regime ahead of “one of the most critical decisions in a generation” taking place in the House of Commons. MPs are due to vote on the Government’s Withdrawal Agreement and the Political Declaration on ... Read the full article
Brexit concerns may create new market for re/insurers, says GlobalData
6th December 2018
Ongoing concerns among smaller UK businesses about the eventual outcome of Brexit negotiations could create a sizeable short-term market for re/insurers to take advantage of, according to data and analytics firm GlobalData. A recent survey of small and medium-sized enterprises (SMEs) in the UK found that Brexit continues to be the ... Read the full article
RSA approved to move European business to Luxembourg branch
5th December 2018
RSA Group, one of the largest UK commercial insurers, has received regulatory approval to transfer the European insurance business of its UK subsidiary, Royal & Sun Alliance Insurance plc (RSAI), to RSA Luxembourg S.A. (RSAL), its recently established post-Brexit hub. The Part VII transfer, which was sanctioned by the High ... Read the full article
A.M. Best to set up post-Brexit hub in Amsterdam
4th December 2018
A.M. Best has announced plans to establish a new subsidiary in Amsterdam to ensure it can continue to deliver rating services throughout the European Union (EU) once the UK leaves in March 2019. The new subsidiary, called A.M. Best (EU) Rating Services B.V., has now been registered as a credit rating ... Read the full article
AIG’s new European post-Brexit carriers receive stable ratings
30th November 2018
Moody’s has assigned A2 insurance financial strength (IFS) ratings and stable outlooks to American International Group’s (AIG) new post-Brexit European carriers, AIG UK Limited and Luxembourg-based AIG Europe S.A. (AESA). AIG recently formed these units in order to ensure continuity of service for it its European policyholders and business partners once ... Read the full article
Campaign aims to attract UK-based businesses to Brussels post-Brexit
27th November 2018
As the prospect of a ‘no-deal’ Brexit continues to incite uncertainty for UK organisations that rely upon a base within the European Union for business, Belgium is attempting to convince firms to to base themselves in its Brussels Capital Region. Backed by the Brussels’ regional government, regional trade associations and industry ... Read the full article
Germany prepares for no-deal Brexit with draft law for UK financial firms
26th November 2018
Germany’s Federal Financial Supervisory Authority (BaFin) has published a draft law aimed at preserving market access for UK firms offering banking, financial or insurance services under the European passport regime should Brexit negotiations culminate in a ‘no-deal’ scenario. Amendments to the German Banking Act would, in a no-deal scenario, empower BaFin ... Read the full article
Solid performance from Gibraltar insurers while Brexit uncertainty looms: A.M. Best
26th November 2018
Although the lion's share of Gibraltar’s insurance market business comes from the UK, A.M. Best expects companies to be largely unaffected by the loss of European Union passporting rights post-Brexit. There are, however, a number of firms that will need to make contingency plans or cease to underwrite business in ... Read the full article
ABI Director General Huw Evans reacts to latest Brexit draft agreement
23rd November 2018
The Director General of the Association of British Insurers (ABI), Huw Evans, has said that, while the ABI are pleased to see yesterday’s commitment to assessing equivalence as soon as possible, regulatory cooperation is very important and must follow from any political agreement. Evans’ statement follows the news that a draft ... Read the full article
Robus opens post-Brexit European hub in Malta
22nd November 2018
Robus Group, an independent insurance management, fiduciary and financial advisory group, has opened a new office in Malta to ensure that its clients can continue to access the European Single Market once the UK leaves the European Union (EU) in March 2019. Jonathan Abela has been appointed to lead the Malta ... Read the full article
SCOR sets up P&C specialty insurance unit in Paris to ensure Brexit continuity
22nd November 2018
French reinsurance major SCOR has established SCOR Europe SE, a new Paris-based P&C specialty insurance company which the firm says will ensure continuity for its clients after Brexit. SCOR Europe SE has been approved by the French supervisory authority, the ACPR (Autorité de Contrôle Prudentiel et de Résolution), gaining a license ... Read the full article
Tokio Marine’s Luxembourg subsidiary takes next step as Brexit nears
19th November 2018
Tokio Marine Group, the parent of Tokio Marine Kiln (TMK) and Tokio Marine HCC International, has received approval from the High Court of England and Wales to complete the Part VII process of transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary, ... Read the full article
A.M. Best expects UK firms to be able to write cross-border reinsurance post-Brexit
19th November 2018
Global ratings agency A.M. Best expects UK insurers and reinsurers will still be able to underwrite reinsurance on a cross-border basis post-Brexit, but warns that the Solvency II regulatory treatment of these contracts is dependent on the UK achieving reinsurance equivalence by the European Union (EU). The ratings agency continues to ... Read the full article
Theresa May’s Brexit plan draws mixed reaction, market access still a concern
15th November 2018
Theresa May’s draft EU withdrawal agreement has drawn a mixed reaction from players in the broking and insurance sectors, with the matter of equivalence continuing to stir uncertainty and perpetuate passporting concerns for intermediaries. Christopher Croft, Chief Executive Officer of LIIBA said today in a statement that, while it is encouraging ... Read the full article
Lloyd’s Brussels now “officially open for business”: Bruce Carnegie-Brown
13th November 2018
Lloyd’s, the global insurance and reinsurance market, has announced the successful opening of its Belgium insurance company, marking a new chapter in its Brexit preparations. Lloyd’s had announced previously that it was working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 ... Read the full article