Zurich Insurance plans to relocate its European Economic Area holding company from Ireland to Germany, according to the head of the insurer’s European division.
Tag: Brexit
Supply-Chain Crisis Fuels Latest Retreat from Globalization
Nothing embodied the promise of globalization more than the humble supply chain. Thanks to the integration of production across and within borders, consumers have come to expect infinite variety, instantly available. That is now under siege. The supply-chain crisis of 2021 is fueling the retreat from globalization, much as the global financial crisis of 2008… Continue reading Supply-Chain Crisis Fuels Latest Retreat from Globalization
City of London Brexit Hit Worse than Expected, Says Study
Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial think tank said on Friday. “We think it is an underestimate and we expect the numbers to… Continue reading City of London Brexit Hit Worse than Expected, Says Study
Brexit and the City of London: What Changes and When
Britain, which left the European Union in January, loses full access to the bloc under transition arrangements that end at 2300 GMT on Dec. 31. The 27-nation EU is Britain’s biggest financial services customer, worth about 30 billion pounds ($40 billion) a year. The relationship helped cement London’s position as one of the world’s biggest… Continue reading Brexit and the City of London: What Changes and When
Brexit Is Here: What Now?
The European Parliament gave the green light, so the UK will formally leave the EU tomorrow, January 31, with a withdrawal deal – and it will then go into a transition period that is scheduled to end on December 30, 2020. During this period the UK will effectively remain in the EU’s customs union and… Continue reading Brexit Is Here: What Now?
Aon to Redomicle from UK to Ireland
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, filed a preliminary proxy statement today to move the jurisdiction of incorporation for the firm’s parent company from the United Kingdom (UK) to Ireland. Remaining within the European Union single market will help the firm maintain a… Continue reading Aon to Redomicle from UK to Ireland
EU Extends Brexit Deadline Until Jan. 31
The European Union agreed to delay Brexit until Jan. 31, increasing the chances of a U.K. election before the end of the year and ending any hope of a departure by Prime Minister Boris Johnson’s promised deadline this week. The decision, agreed on by ambassadors from the 27 other EU countries on Monday, grants a… Continue reading EU Extends Brexit Deadline Until Jan. 31
Three Years of Uncertainty: Charting How Brexit Has Shaped U.K. Financial Markets
With two Brexit deadlines already passed and a third expected to be extended, the uncertainty that has weighed on the economy and financial markets for three years looks set to drag on. Lawmakers backed Prime Minister Boris Johnson’s Brexit deal this week, but didn’t approve his accelerated timetable, making a departure from the European Union… Continue reading Three Years of Uncertainty: Charting How Brexit Has Shaped U.K. Financial Markets
Brexit May Spur More Deals in Legacy General Insurance Policies
Britain’s impending departure from the European Union is creating expansion opportunities for specialist general insurers who buy up and manage policies closed to new customers. Whether Britain leaves the European Union without a deal or under a so-called hard Brexit, British insurers selling policies into the EU will need a local subsidiary, and vice versa.… Continue reading Brexit May Spur More Deals in Legacy General Insurance Policies
Great Brexit Insurance Migration Shifts $75 Billion from London
London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance… Continue reading Great Brexit Insurance Migration Shifts $75 Billion from London