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.
GDPR & cyber concerns hindering UK SME’s Brexit planning: Zurich
28th September 2018
Complex Issues such as GDPR compliance plus concerns surrounding cyber security may be causing the UK’s small medium-sized business to overlook the importance of planning for Brexit, finds broker survey conducted by Zurich. 24% of respondents said that their SME clients now ask them about GDPR on a regular basis. However, regular ... Read the full article
Prepare for no-deal Brexit, German government tells re/insurers
27th September 2018
Germany's Deputy Finance Minister Joerg Kukies is encouraging insurance and reinsurance firms to prepare for the UK's Brexit negotiations to end in no-deal. According to Reuters, the Minister called on re/insurers to make preparations for the UK crashing out of the EU without a deal, but also noted that Germany is ... Read the full article
Lloyd’s new Brussels subsidiary doesn’t secure full EU access post-Brexit
21st September 2018
The specialist Lloyd's of London insurance and reinsurance marketplace could lose access to both the Polish and German market for treaty reinsurance from 1/1 2019, regardless of its new Brussels subsidiary. Lloyd's Chief Executive Officer (CEO), Inga Beale, explained during the company's H1 2018 earnings call this morning that regarding ... Read the full article
Lloyd’s releases policy documentation for post-Brexit Brussels subsidiary
19th September 2018
Lloyd’s has published a new suite of policy documentation to support the underwriting of risks from the European Economic Area (EEA) by its new post-Brexit subsidiary, Lloyd’s Brussels, which is due to commence business on 1 January 2019. The new documents were prepared by the Lloyd's Market Association’s (LMA) wordings team, ... Read the full article
Bermuda reinsurance market proves resilient to challenges: A.M. Best
12th September 2018
Bermuda continues to hold its niche position in the reinsurance sector despite a number of recent challenges, including U.S tax reform, a shrinking pool of reinsurance companies due to M&A activity, and, to a lesser extent, the uncertainty caused by Brexit, according to A.M. Best. Bermuda is assessed as a CRT-2 ... Read the full article
Bermuda’s re/insurance sector is committed to the EU: ABIR
7th September 2018
Bermuda's insurance and reinsurance industry remains committed to the European Union (EU), and companies domiciled on the island continue to assume increasing volumes of risk in EU member states, according to the Association of Bermuda Insurers & Reinsurers (ABIR). A recent survey by the ABIR, which collected 2017 data from all ... Read the full article
RSA opens post-Brexit Luxembourg hub, led by Richard Turner
3rd September 2018
RSA Insurance Group has opened a new office in Luxembourg as part of its preparations for the UK’s exit from the European Union (EU), and has appointed Richard Turner to lead it. The office will provide a platform for RSA in Europe post-Brexit, minimising disruption to business with EU-based customers and ... Read the full article
Political solution needed to ensure contract continuity post-Brexit: BaFin President
31st August 2018
In a recent interview with Bloomberg TV, Felix Hufeld, the President of Germany's financial regulatory authority, BaFin, called for a political solution to ensure contract continuity post-Brexit, with billions of contracts, including insurance, in need of some level of security. Reinsurance News discussed recently that it appears the UK is ... Read the full article
Luxembourg proving attractive but post-Brexit EU domicile choice varied
28th August 2018
A number of UK insurers and reinsurers have established new EU hubs to ensure continuity post-Brexit amid a real lack of clarity, with the new domicile of choice being driven by specific considerations, according to A.M. Best. UK insurers and reinsurers continue to move forward with their post-Brexit plans amid ... Read the full article
UK puts onus on EU to solve no-deal passporting issues
24th August 2018
The UK government's no-deal Brexit document suggests that UK firms that have relied on passporting rights may not be able to do business at all in the European Economic Area (EEA) if there is no deal, and the document appears to put the onus on the European Union (EU) to ... Read the full article
LIIBA appeals to UK Prime Minister over ‘enhanced equivalence’ Brexit regime
23rd August 2018
The London and International Insurance Brokers’ Association (LIIBA) has written a letter to the UK’s Prime Minister, Theresa May, to express concerns about the ‘enhanced equivalence’ regime proposed in the Government’s recent Brexit White Paper. In the letter, LIIBA’s Chairman, Roy White, said: “We have noted the proposals the Government has ... Read the full article
Aon has advanced plans for post-Brexit EU hub
21st August 2018
Insurance and reinsurance broker Aon has advanced plans to establish a new European hub outside of the UK to ensure continuity for its clients post-Brexit, if necessary. The re/insurer broker has underlined the significant challenge the ongoing uncertainty surrounding the outcome of Brexit poses for everyone, stating that the prospect of ... Read the full article
London to remain global re/insurance hub post-Brexit, but stronger headwinds exist: A.M. Best
20th August 2018
Despite a lack of clarity surrounding the UK's Brexit vote and what implications this might have for UK insurers and reinsurers, A.M. Best expects London to remain one of the world's leading European insurance hubs, but does warn of headwinds that continue to pressure the region's re/insurance industry. UK insurers ... Read the full article
Re/insurers accelerate Brexit plans: A.M. Best
17th August 2018
As widespread and seemingly growing uncertainty remains around the UK's vote to leave the European Union (EU), insurers and reinsurers in the country have stepped up their post-Brexit plans in an effort to ensure continuity for clients, reports A.M. Best. The outcome of the UK's Brexit vote remains very uncertain for ... Read the full article
UK MGAs warm to InsurTech, raise Brexit concerns: MGAA survey
13th August 2018
UK Managing General Agents (MGAs) have become more receptive to the potential benefits of greater InsurTech integration, but remain concerned about the impact of continuing uncertainties around Brexit, according to the latest MGAA Matters survey. The survey, which represents a research based partnership between the Managing General Agents Association (MGAA) and ... Read the full article