Brexit impact insurance News

Global Insurance M&A Surges in 1st Half but Lull Likely in H2 on COVID Uncertainties

Mergers and acquisitions (M&A) in the global insurance industry rose in the first half of 2020 with 201 completed deals worldwide, up from 197 in the second half of 2019, according to Clyde & Co’s “Insurance Growth Report” mid-year update. …

UK Proposals for Financial Services ‘Unacceptable:’ EU Brexit Negotiator

LONDON – British proposals to give the City of London access to the European Union are “unacceptable” because they seek to maintain the benefits of the single market without the obligations, the bloc’s chief Brexit negotiator Michel Barnier said on …

UK, EU Likely to Miss Deadline for Accessing Financial Services After Brexit: Sources

Britain and the European Union are set to miss their end-June deadline for assessing future cross-border trade in financial services, leaving just six months before a potentially messy UK exit, financial industry and EU officials say. Britain left the EU …

No-Deal Brexit Would Deepen Economic Pain for UK’s Coronavirus-Hit Companies

Trade talks between the EU and UK have struggled in recent weeks, increasing the prospect that Britain departs the bloc without a deal and that businesses face an extreme shock when the divorce takes effect. It’s a scenario that would …

UK Financial Services Could Fare Less Well in U.S. Trade Deal than Energy, Cars

Britain’s financial services industry could fare less well than energy, autos and other sectors under a free trade deal with the United States, the government said on Monday. Britain said in its negotiating mandate for a free trade agreement (FTA) …

UK Financial Services Sector Could Take a Back Seat to Fishing in EU Trade Talks

Britain will likely secure only temporary access to the European Union financial market under a broader trade deal in which finance may take a back seat to sectors such as fishing, financial industry officials said on Wednesday. Britain and the …

Factbox: What’s Ahead for UK Financial Services Sector and Brexit Trade Deal?

Britain leaves the European Union at 2300 GMT on Friday but has yet to negotiate a deal on future trading relations with the bloc. The EU is Britain’s biggest market for financial services, worth about 26 billion pounds ($34.2 billion) …

U.K. Financial Services Firms Prepare for Worst in Brexit Trade Talks

Britain’s finance sector is losing hope of securing even basic access to European Union markets from Dec. 31, as talk that the EU wants UK fishing rights in exchange draws the industry into a political struggle between the bloc and …

U.K. Financial Services Firms Pay Record Taxes with Future Prospects Clouded by Brexit

Britain’s financial industry paid a record near-$100 billion in taxes in the year to March, reaffirming its central role in funding the state at a time when its future prospects have been clouded by Brexit. The 75.5 billion pounds ($99.2 …

UK Financial Services Sector Remains Resilient Ahead of Brexit: Research

Britain’s exports of financial and related services rose to 83 billion pounds ($106.5 billion) last year, with the European Union still the biggest customer, underscoring the importance of retaining market access to the bloc after Brexit. The latest figures compiled …