single passport News

Lloyd’s to Open EU Insurer in Brussels in Preparation for Brexit

Lloyd’s, the specialist insurance and reinsurance market, announced it will set up a European insurance company in Brussels in preparation for the UK’s exit from the European Union. The Brussels’ subsidiary will aim to be ready to write business for …

UK at Risk of Exiting EU on ‘WTO Terms,’ Thereby Opening Legal Minefield

Failure to strike a trade deal with the European Union by a two-year deadline would force Britain to adopt World Trade Organization arrangements, bringing with it a host of new negotiations and complications. In a nutshell, Britain would have to …

London Keeps Mantle as #1 Finance Center Despite Brexit Uncertainties: Survey

London has retained the mantle as the world’s top financial center, though uncertainty about the implications of Britain’s vote to leave the European Union saw its lead over Asian rivals narrow, according to a study. New York held on to …

UK Finance Firms ‘Not Crying Wolf’ in Concerns About Loss of EU Passports

One afternoon in mid-January, Prime Minister Theresa May walked into a meeting room in the Swiss resort of Davos to face Wall Street’s most powerful bankers. May had delivered her vision two days earlier for pulling Britain out of the …

Update: EU Weighs Lowering Regulatory Requirements for Fintech Firms

The European Commission could introduce EU passporting and lower regulatory requirements for financial technology firms, moves that could undercut London’s leading position in “fintech” as Britain gets ready to leave the European Union. The EU executive’s vice president Valdis Dombrovskis …

Rival EU Cities Compete to Attract UK Firms Seeking Post-Brexit HQs

Ireland has complained to the European Commission that it is being undercut by rival centers competing to host financial firms looking for a European Union base outside London after Brexit. Last week, U.S. insurer AIG became the biggest group so …

Luxembourg Successfully Woos UK Finance Firms Seeking Post-Brexit HQs

Luxembourg is becoming a serious contender among nations bidding for business to come their way after the U.K.’s exit from the European Union, as insurers, asset managers and financial-technology companies are interested in setting up shop in the Grand Duchy. …

London Insurance Market Provides Brexit Negotiations’ Wish-List

A Brexit trade deal needs to benefit both the UK and the EU – while protecting clients’ access to the London insurance market, according to the London Market Group (LMG), an association representing London’s re/insurance underwriters and brokers. The LMG …

AIG Plans to Launch Luxembourg-Based Insurer in 2019 in Preparation for Brexit

American International Group Inc. plans to locate an insurance company in Luxembourg to ensure continued smooth operation of its business across the European Economic Area (EEA) and Switzerland once the United Kingdom leaves the European Union. From 2019, AIG proposes …

Brexit Without Trade Deal Could Have Dire Economic Consequences: CBI

If the UK leaves the European Union without being able to complete a Brexit trade deal, it could be forced into World Trade Organization tariffs – an option that is under serious consideration by the UK government. However, Paul Drechsler, …