Brexit News

JPMorgan Warns of Market Disruption If Clearing Houses Cut-Off by Brexit

Financial markets face Brexit day upheaval if clearing houses in Britain are abruptly cut off from continental customers, a senior JPMorgan bank official said on Wednesday. Sally Dewar, international head of regulatory affairs at the U.S. bank, said that without …

Dublin Attracts Wave of U.S. Financial Services Firms Seeking Post-Brexit EU Hubs

American direct investment in financial services that would normally head for Britain will be diverted in part to Dublin because of Brexit, Ireland’s financial services minister Michael D’Arcy said on Friday [Nov. 10]. Dublin’s financial services sector is being boosted …

UK Could Lose 75,000 Insurance, Banking Jobs as a Result of Brexit: Regulator

Sam Woods, Britain’s top banking regulator, said a consultancy’s estimate that Brexit could cause as many as 75,000 job losses in banking and insurance is “plausible” if the U.K. leaves the European Union without a trade deal. About 10,000 U.K.-based …

UK Faces Bad Deal for Brexit, Gloomy Outlook: S&P, Fitch

Standard and Poor’s and Fitch held their credit ratings for Britain unchanged on Friday [Oct. 27], but both remained gloomy about the outlook due to the likelihood of the country reaching a bad deal in its divorce talks with the …

EU President Tusk Believes UK Could Reverse Its Plans for Brexit

European Union President Donald Tusk revived the notion that the U.K. will stay in the bloc after all, as British Prime Minister Theresa May struggles with persistent splits in her government. Speaking 16 months to the day since Europeans woke …

UK Must Secure Brexit Transition Deal or Risk Losing Jobs: Business Leaders

The British government must act urgently to secure a Brexit transition deal or risk losing jobs and investment in the country, business leaders representing millions of workers are due to warn. In a draft letter due to be sent to …

AIG UK Sells Its 1st Sharia-Compliant M&A Policy in London

AIG UK said on Thursday it had underwritten its first sharia-compliant warranty and indemnity policy out of London’s M&A insurance market, as the city looks to Islamic finance to help bring new business. Development of Islamic finance is accelerating in …

German Firms with UK Operations Should Prepare for ‘Hard Brexit’

German firms with a presence in Britain should make provisions now for a “very hard Brexit,” Germany’s biggest industry group said on Thursday, because the government in London does not know what it wants. The Federation of German Industries (BDI) …

UK’s PremFina, a Broker Software Provider, Raises $36M for Expansion

PremFina Ltd., a UK firm that provides software to insurance brokers, raised $36 million in its first round of funding as founder and serial entrepreneur Bundeep Singh Rangar seeks to expand the company. The equity and debt investment came from …

Growing List of Re/Insurers Make Decisions on Post-Brexit EU Headquarters

Everest Re Group Ltd. has said its Dublin-based unit has received approval from the Central Bank of Ireland to become a non-life insurer, joining a growing list of insurers setting up regulated EU operations in case Britain does not have …