passporting News

UK Confident It Will Form Deal with EU on Post-Brexit Financial Services Trade

The United Kingdom is confident that it is on the verge of reaching an agreement with the European Union to give London’s vast financial center access to EU markets after Brexit, Britain’s financial services minister John Glen said on Monday. …

Brexit Deal, Covering UK Financial Services, Is Closer to Completion: Officials

The United Kingdom and the European Union have made progress on a deal to give London’s dominant financial center basic access to EU markets after Brexit, two British officials said, but no agreement has yet been clinched. The deal being …

London Market Insurers’ Profits Remain Under Pressure with Excess Capacity: Fitch

The profitability of London market and Lloyd’s insurers is expected to remain under pressure in 2018, despite the fact that rates improved slightly following the catastrophe losses in the second quarter of 2017, according to Fitch Ratings in a new …

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 …

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 …

UK Insurers Push Ahead with Brexit Plans in Absence of Trade Deal: A.M. Best Report

In the absence of a Brexit trade deal between the United Kingdom and the European Union, insurers in the UK have accelerated their plans to establish new EU subsidiaries and ensure business continuity after Brexit, according to a report published …

No-Deal Brexit: A Lose-Lose for UK and EU Financial Stability

With Brexit talks back from the summer holidays, it’s worth considering one way in which failure to reach a deal before the U.K.’s departure in March would also be bad for the European Union. Such an outcome would unsettle the …

Major Post-Brexit Risk: UK’s $33.5B of Financial Services Exports to EU

Britain must avoid tying Brussels up in red tape or antagonizing its soon to be former European Union partners and the United States if it is to maintain access to the bloc’s financial services market after Brexit. At risk is …

UK’s Financial Services Exports Highlight Need to Keep Post-Brexit Access: Officials

Britain’s exports of financial services to the European Union hit a record high last year, highlighting the need for the City to preserve access to the bloc after Brexit, industry officials said on Tuesday. Exports rose 3.6 billion pounds ($4.73 …

Markel’s New German Insurer Rated ‘A’ by A.M. Best

Markel Corp. announced that its newly licensed German insurance company, Markel Insurance SE (MISE), has been given an “A” financial strength rating by A.M. Best. MISE has been established to meet the insurance needs of clients located or with risk …