March 10, 2017
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 …
March 8, 2017
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 …
March 7, 2017
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, …
March 3, 2017
The European Union’s market watchdog is investigating ways to stop national regulators competing unfairly with each other as they try to attract firms from Britain after Brexit in a beauty parade of financial centers. The European Securities and Markets Authority …
February 24, 2017
U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU’s financial market, industry sources involved say. Britain dominates the global marine insurance …
February 9, 2017
Theresa May’s latest Brexit victory should leave her happy — but might ultimately come at a price. Late on Wednesday, the U.K. prime minister persuaded the House of Commons to back her original 137-word draft law to start the withdrawal …
January 20, 2017
The cost implications of the loss of passporting rights after the UK exits the European Union will weigh on re/insurers, as will any resultant economic downturn. However, A.M. Best does not anticipate taking any rating actions as a result of …
January 17, 2017
Britain will leave the EU’s single market when it exits the European Union, Prime Minister Theresa May said on Tuesday, putting an end to speculation that London might try to seek a “soft Brexit.” In a long-awaited speech in which …
January 17, 2017
Zurich Insurance Group AG, Switzerland’s biggest insurer, plans to cut spending on large technology projects as it seeks to reduce costs, according to chief risk officer Cecilia Reyes. “Managing, harvesting the benefits from these investments” is a challenge, Reyes said …
January 12, 2017
Britain’s finance industry has reluctantly given up on efforts to keep full access to the European Union after Brexit and is pushing instead for a more limited trade deal that would potentially exclude some financial products. Banks, insurers and asset …