Brexit

Lloyd’s reminds market of EEA trading rights

Ahead of today’s expected Brexit deal announcement the Corporation sent out a reminder to the market that Lloyd’s underwriters will cease to have trading rights in the EEA for insurance business from 1 January 2021 – all placements will instead need to be made with Lloyd’s Europe and not with Lloyd’s underwriters.

Arch receives approval for Brexit Part VII transfer

Arch Capital has received approval for the Part VII transfer of its EU business from its UK subsidiary to its Irish operations.

Bank of England tells insurers to set out “orderly failure” plans

The Bank of England has called on insurance bosses to prove their firm could collapse without damaging the UK economy, as the watchdog sets out plans to enhance market resilience in the wake of the coronavirus pandemic.

Markets Review: Brexit fears push Euro P&C stocks lower

European (re)insurance equities closed lower last week to end five straight weeks of gains as a fresh wave of investor jitters set in on the rapidly approaching deadline for Brexit negotiations.

European P&C stocks dip as Brexit talks head for Sunday deadline

European (re)insurance equities pointed lower in early afternoon after struggling for direction in the morning session as the lack of progress in Brexit talks continued to weigh on investor sentiment.

FCA reminds firms to prepare for end of Brexit transition period

The UK’s financial services watchdog has reminded firms to ensure they are ready for the end of the Brexit transition period in one month’s time.

Lloyd’s seeks court approval of post-Brexit business transfer

Lloyd’s has urged the UK’s High Court to greenlight the transfer of its European insurance business to its Brussels subsidiary ahead of the UK’s departure from the EU at the end of the year.

UK grants Solvency II equivalence to EEA states

The UK has granted Solvency II equivalence rights to the EU as Chancellor Rishi Sunak pledged certainty and stability to the financial services industry before the Brexit transition period comes to an end.

UK regulators warn on post-Brexit volatility

UK regulators have issued a stark warning to insurance firms that market volatility and disruption could arise if they are not prepared for the end of the Brexit transition period.

EU warns insurers on Brexit preparations

European insurers have been warned by the Union’s industry watchdog to get their post-Brexit operations in order and to ensure they are fully prepared for the UK’s exit from the EU’s regulatory framework at the end of the year.

Brexit cuts London company market premium base by £4.5bn: IUA

More than £4.5bn ($5.8bn) of premium has been lost to the London company market as a direct result of Brexit, according to a study by the International Underwriting Association (IUA).

UK watchdog warns brokers on post-Brexit client money safety

The UK’s Financial Conduct Authority (FCA) has warned insurance brokers that hold clients’ money with third parties based in the European Economic Area (EEA) to ensure that the funds are not at risk as the end of the Brexit transition period.

K2 International prepares for Brexit with Brussels office

K2 International, the London-based specialty insurance and reinsurance underwriting platform of US program manager K2, has launched its European operations with the opening of an office in Brussels.

FCA outlines regulatory concerns for international firms post-Brexit

The UK’s Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK post-Brexit.

Brokers chose Belgium to prepare for Brexit

In getting ready for Brexit, Belgium has emerged as the preferred location for an EU entity so that London brokers are able to continue to support their European clients.

PRA warns on preparedness as Brexit trade agreement deadline looms

The Bank of England’s Prudential Regulation Authority (PRA) has urged firms to ensure they are “operationally prepared” to enter the Temporary Permissions Regime (TPR) which will come into force if the UK and EU fail to sign a trade agreement by 31 December 2020.

Lloyd’s can only write German reinsurance business via Brussels from October

Managing agencies will only be able to provide reinsurance to German cedants via the Lloyd’s Brussels platform from the end of October unless the UK secures Solvency II equivalence before then, the Corporation has warned.

Lloyd’s delays Brussels Part VII scheme transfer to end of year

Lloyd’s has pushed back the effective date of the Part VII scheme of its existing European business to its Brussels platform to the end of the year.

LMG urges UK Government to draw up free trade agreement with Switzerland

The London Market Group (LMG) has urged the UK Government to take an “ambitious” approach when it comes to free trade in financial services ahead of the forthcoming UK-Switzerland trade discussions.

No-deal Brexit would magnify coronavirus impact on UK economy: Moody’s

A no-deal Brexit would “significantly” damage the UK’s recovery from a recession following the coronavirus pandemic, Moody’s Investors Service warned on Wednesday.

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