passporting News

AIG Prepares for Brexit with Authorization of UK, Luxembourg Subsidiaries

American International Group Inc. announced the authorization of new insurance companies in the United Kingdom and Luxembourg in preparation for the UK’s exit from the European Union. The formation of the two new units provides clients certainty of uninterrupted UK …

Brexit Effect: Fewer UK Financial Services Jobs Expected to Shift to EU, Says Reuters

The number of finance jobs to be shifted out of Britain or created overseas by March 2019 due to Brexit has dropped by half compared to six months ago to 5,000 roles, firms employing the bulk of UK-based workers in …

Bank of England Will Soon Update Insurers, Banks on Latest Brexit Approach

The Bank of England said it would update banks and insurers next week on its approach to Brexit given that Britain and the European Union have now adopted a transition deal. “The Bank of England welcomes the EU Council’s conclusion …

UK Broker Group BIBA Forms Agreement with WBN to Help EU Clients After Brexit

The British Insurance Brokers’ Association (BIBA) has formed an agreement with the Worldwide Broker Network (WBN) so that BIBA’s UK-based brokers are introduced to WBN’s EU-based brokers — thereby enabling continuity for BIBA members’ EU clients after Brexit. WBN has …

UK Insurers, Banks Push Ahead with Relocating HQs – Despite Brexit Transition Deal

London-based banks and other financial firms won’t put their Brexit moves on hold despite a transition deal between Britain and the European Union as it lacks full legal certainty, industry officials said on Monday. Banks and insurers have said they …

EU Eyes Offering `Improved Equivalence’ for UK Financial Services After Brexit

The European Union will consider offering the U.K. “improved equivalence” for financial services after Brexit, according to the bloc’s latest negotiating guidelines, a system Britain has rejected as “wholly inadequate.” The addition to the draft guidelines, obtained by Bloomberg, makes …

XL Catlin Introduces Brexit Continuity Clause to Address Risk of Loss of EU Passporting

XL Catlin’s London-based insurance operation has introduced a Brexit contract continuity clause. The clause addresses the risk that contracts written by XL’s London-based entities prior to Brexit may become impermissible if passporting rights are lost as a consequence of the …

London’s Future as Financial Center Uncertain Due to Brexit: UK Regulator

London’s future as a global financial center is uncertain because of Brexit and Britain faces a tough task to secure European Union market access for its banks and insurers, a top UK regulator said on Wednesday as he steps down. …

Hard Brexit Would Cost UK, EU Firms $80B with UK Financial Services Worst Hit: Report

Companies in Britain and the European Union face an extra 58 billion pounds ($80 billion) in annual costs if there is a no-deal Brexit, with Britain’s vast financial sector set to be the worst-hit industry, according to a report on …

Sompo International to Launch Specialty Operation in Spain; Executive Team Named

Sompo International announced it will launch a specialty insurance underwriting operation in Barcelona, Spain. Sompo currently has a London-based operation but must open EU-based headquarters in order to conduct business seamlessly after the U.K. exits the European Union. It has …