Brexit News

Lloyd’s Market Association & Lloyd’s Issue Policy Documents in Preparation for Brexit

A new suite of policy documentation, to support the underwriting of risks from the European Economic Area by Lloyd’s Brussels, has been published. The new documents were prepared by the Lloyd’s Market Association’s (LMA)* wordings team, working closely with the …

IMF Contends Failure to Reach Brexit Deal Will Shrink British Economy

Britain’s economy will shrink if it leaves the European Union without a Brexit deal and it will suffer some damage whatever terms it agrees, the International Monetary Fund said on Monday, challenging the promises of some Brexit supporters. The Fund …

Former QBE Group CEO Neal Appointed as Lloyd’s CEO, Succeeding Beale

John Neal has been appointed as the chief executive officer of Lloyd’s following a meeting of the Council of Lloyd’s, where his appointment as successor to Inga Beale was approved unanimously. Neal will take up his position at Lloyd’s on …

RSA Insurance Opens Luxembourg Office as Part of Brexit Preparations

RSA Insurance Group has opened its new office in Luxembourg as part of its preparations for the UK’s exit from the European Union. The office, which opened on Sept. 3, will provide a platform for RSA in Europe post-Brexit, minimizing …

Sompo International Launches Luxembourg-Based Subsidiary SI Insurance (Europe)

Sompo International Holdings Ltd., a Bermuda-based provider of specialty property and casualty re/insurance, announced the launch of its new subsidiary, SI Insurance (Europe). SI Insurance (Europe) is headquartered in Luxembourg with branches in Belgium, France, Germany, Italy, Spain and the …

Germany Echoes UK Concerns over Post-Brexit Risk to Insurance, Derivative Contracts

European Union and U.K. authorities must agree on a political solution to the threat Brexit poses to trillions of dollars in derivatives and insurance contracts, according to Germany’s top financial regulator. Felix Hufeld, the president of BaFin, said the industry …

UK, EU Officials Drop October Deadline for Brexit Divorce Deal: Sources

The UK and the European Union still say in public they want a Brexit deal wrapped up in the next seven weeks. Behind the scenes, though, senior officials on both sides admit this is unlikely. They now aim to finalize …

No-Deal Brexit Won’t Be ‘End of the World’: UK Prime Minister

The U.K. can still make a success of Brexit if it tumbles out of the European Union without a deal, Prime Minister Theresa May said, striking an upbeat tone as the clock ticks down on Britain’s departure from the bloc. …

What Will Happen to EU Financial Services Firms After No-Deal Brexit?

Britain will unilaterally accept some European Union rules and give EU financial services firms continued access to the U.K. market in order to maintain stability if the country crashes out of the bloc without a deal, the country’s top negotiator …

EU Action Needed to Ensure Post-Brexit Continuity of Cross-Border Insurance: UK

Britons living in the European Union could lose access to their UK bank account services and businesses on the continent could be cut off from investment banks in London if there is a no-deal Brexit, the British government said on …