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.
Markel’s post-Brexit German hub approved to open UK branch
12th November 2018
Markel Corporation has received regulatory approval to operate a UK branch office for its recently established German insurance company, Markel Insurance SE (MISE). MISE was formed in July 2018 after Markel was granted a license by BaFin, Germany’s federal financial supervisory authority. With uncertainty remaining about the terms of the UK’s ... Read the full article
UK’s insurance continuity issues do not threaten EU financial stability: EIOPA
7th November 2018
UK insurance companies that have not yet developed a sufficient contingency plan to ensure service continuity in the event of a ‘no deal’ Brexit do not pose a significant risk to the financial stability of the European Union (EU), according to The European Insurance and Occupational Pensions Authority (EIOPA). A report ... Read the full article
Swiss Re “not afraid” of Brexit outcome, says CEO Mumenthaler
6th November 2018
Reinsurance giant Swiss Re is “not afraid” of the potential effects that the UK’s departure from the European Union (EU) may have on the economy and on the company’s ability to do business, according to its Chief Executive Officer (CEO), Christian Mumenthaler. Speaking in an interview with Bloomberg TV, Mumenthaler explained ... Read the full article
LIIBA CEO outlines key post-brexit challenge
1st November 2018
The Chief Executive of the London and International Insurance Brokers Association (LIIBA), Christopher Croft, has told insurance brokers that the key challenge facing them post-brexit remains the uncertainty around the proposed models for brokers to maintain access to London for European risks. Speaking at a joint LIIBA-Lloyd’s brexit seminar Croft said ... Read the full article
Lloyd’s Brussels to write FAC and non-proportional XOL treaty reinsurance at 1/1
29th October 2018
The Lloyd's insurance and reinsurance market has announced that its Brussels base will be ready to underwrite facultative reinsurance and non-proportional excess of loss treaty reinsurance using Lloyd’s Brussels paper from 1st January 2019 across all markets in the EEA. At the same time the market said that if the UK ... Read the full article
Brexit stockpiling leaves suppliers at risk of trade credit insurance shortfall: Marsh
26th October 2018
Suppliers of vital goods such as non-perishable food produce and medical supplies are at risk of having insufficient trade credit insurance as some British firms such as retailers and manufacturers begin stockpiling goods amid mounting concerns of a no-deal Brexit, according to Marsh. Traditionally, buyers purchase goods on credit terms before ... Read the full article
AIG receives brexit restructure approval
26th October 2018
AIG Europe (AEL), the European subsidiary of American International Group (AIG), has received approval from the High Court of England & Wales to transfer business into two new entities, signalling a completion of its move to restructure its European operations and ensure readiness for brexit. American International Group UK (AIG UK) ... Read the full article
Germany prepares for hard Brexit with emergency insurance laws
24th October 2018
The German government is reportedly preparing a set of emergency laws to protect its insurance sector and insureds from the consequences of a hard Brexit. Handelsblatt Global states that the government is working on two new laws protecting cross-border insurance agreements and derivatives contracts that aren’t processed by clearing houses. Deals involving ... Read the full article
Fidelis establishes post-Brexit re/insurance hub in Dublin
23rd October 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has received approval from the Central Bank of Ireland to establish a regulated re/insurer in Dublin in preparation for the UK’s departure from the European Union in March 2019. Fidelis Insurance Ireland DAC (FIID) has been approved to write bespoke and specialty insurance ... Read the full article
Brexit’s ‘closed market’ trend will hurt re/insurers: Munich Re’s Menhart
22nd October 2018
The UK’s decision to leave the European Union and withdraw from the Single Market may represent part of a global political trend towards ‘closed societies’ that is likely to negatively impact re/insurers in the long-term, according to Michael Menhart, Chief Economist at Munich Re. Speaking during a presentation at Lloyd’s last ... Read the full article
AXA XL authorised to move insurance subsidiary to Ireland amid brexit uncertainty
17th October 2018
AXA XL has taken a step closer to moving its European Union insurance company, XL Insurance Company SE (XLICSE), from the UK to Ireland with the news that it has received authorisation in principle from the Central Bank of Ireland. The purpose of the move is to ensure continuity following the ... Read the full article
Chairman of LIIBA welcomes Lloyd’s post-brexit claims commitment
12th October 2018
The Chairman of the London and International Insurance Brokers' Association, Roy White, has welcomed Lloyd’s announcement that the market will honour valid claims in the event the UK leaves the European Union with no transition or implementation period. White stated that LIIBA welcomes the publication of the Lloyd’s statement of ... Read the full article
Re/insurers are “past the point of no return” for Brexit plans: S&P
11th October 2018
A new report by S&P Global has claimed that financial institutions (FIs) are now “past the point of no return” in regard to the implementation of their Brexit contingency plans, which can no longer be reversed whatever the outcome of the UK’s negotiations with the EU. Many FIs have already begun ... Read the full article
Lloyd’s commits to pay all valid claims in no-deal brexit scenario
10th October 2018
Lloyd’s has announced that it is working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer. In the event that the UK leaves the European Union before then with no transition or implementation period, Lloyd’s underwriters will continue ... Read the full article
Lloyds is ‘accelerating’ Brexit plans over no-deal fears, says CEO Beale
8th October 2018
Lloyd’s of London is ‘accelerating’ its Brexit contingency plans, which include contract transfers to its new subsidiary in Brussels, due to a growing concern that the UK will leave the European Union (EU) in 2019 in a ‘no-deal' scenario, according to its Chief Executive Officer (CEO) Inga Beale. Speaking in an ... Read the full article