passporting News

Brexit Impact on UK Insurers Dictated by Trade Talks, Possible Economic Hit: AM Best

From an operational point of view, the United Kingdom’s departure from the European Union on Jan. 31, 2020 will have little immediate impact on AM Best-rated insurers in the UK or EU, according to the ratings agency in a new …

U.K. Financial Services Firms Must Prepare for Failure of Brexit Trade Deal: Regulator

Financial firms in Britain should be ready in case no trade agreement is struck with the European Union by December, a senior U.K. regulator said on Thursday. Britain leaves the EU next week, followed by a “business as usual” transition …

U.K. P&C Insurers Face Strong Competition, Claims Inflation: AM Best Report

Market conditions for U.K. non-life insurers were difficult in 2019 as they continued to face strong competition and claims inflation, according to a report published by AM Best. Companies have had to contend with changes in the discount rate — …

City of London’s Unity Begins Cracking over Brexit Trade Deal: Opinion

Boris Johnson’s triumphant U.K. election victory makes Brexit a near certainty next month. For the City of London, Britain’s split from its biggest trading partner is a huge leap into the unknown; one that will test its cohesion like never …

U.K. Aims to Ensure Post-Brexit Strength of Financial Services Sector: Minister

Britain will do whatever it can to ensure that its financial sector remains a major global player after Brexit, financial services minister John Glen said on Monday. “This government absolutely believes in the City,” Glen told a conference in London, …

Now Boarding for Brexit: What Businesses Need to Do

Whether you are a U.S. firm or a firm from some other country and want to do business in the United Kingdom, the Brexit referendum may have changed your mind. In this article, we discuss some of the issues currently …

U.K. Prime Minister Rolls the Dice on City of London’s Future: Opinion

Not long after Britain voted to leave the European Union, the City of London’s chiefs grudgingly began hammering out plans for the worst: that Britain might eventually abandon the EU’s single market. Now the future is suddenly looking even more …

Liberty Mutual Opens European Headquarters in Luxembourg in Preparation for Brexit

Liberty Specialty Markets, part of Liberty Mutual Insurance Group, said it has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg, the home of its European headquarters. Liberty Specialty Markets will maintain its branch network in …

Berkshire Hathaway Insurance Group Forms Irish Subsidiary in Preparation for Brexit

Berkshire Hathaway Insurance Group announced that Berkshire Hathaway European Insurance DAC (BHEI) has been granted a license to operate as an insurer in the Republic of Ireland and the European Economic Area (EEA). Based in Dublin, BHEI will operate as …

UK Insurer Aviva Prepares for ‘Hard Brexit’ by Transferring Assets from UK

Aviva Plc asked a London court to approve the transfer of assets totaling 9 billion euros ($10.2 billion), saying the uncertainty from Brexit was “intensifying” as it joined other insurers and banks triggering contingency plans. Aviva asked Judge Richard Snowden …