passporting News

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 …

International Underwriting Association Issues 2nd Brexit Contract Continuity Clause

A second Brexit contract continuity clause has been published by the International Underwriting Association (IUA). The association in June issued a policy clause to help companies manage insurance contracts as the UK leaves the European Union and this has now …

Fewer Than 5,000 UK Financial Services Jobs Expected to Move by ‘Day One’ of Brexit

Fewer than 5,000 financial jobs might move out of Britain by “Day One” of Brexit and future relocations will depend on new trading terms with the European Union, Bank of England Deputy Governor Sam Woods said on Wednesday. “We have …

Markel Licensed to Form Insurer in Germany, Securing Post-Brexit EU Access

Markel Corp. announced it has been granted a license by the German federal financial supervisory authority, BaFin, to establish an insurance company in Germany. Following Brexit, the United Kingdom’s exit from the European Union, Markel Insurance SE (MISE) will be …