Specialist insurer Markel International has completed the transfer of the EU business of its London-based insurer, Markel International Insurance Company Limited, to its German insurer, Markel Insurance SE (MISE). Markel formed MISE in July of last year to ensure continuity for clients in light of the UK’s vote to leave the European Union (EU). After… Continue reading Markel’s Part VII Transfer for EU Business Gets Approval
Tag: Brexit
U.K. Insurers Rated by A.M. Best Well Prepared for Brexit
The terms and timing of the United Kingdom’s withdrawal from the European Union (EU) remain uncertain following the vote in the House of Commons on March 12, 2019 rejecting the deal agreed with the EU by Prime Minister Theresa May’s government, and the subsequent vote in favour of requesting an extension of Article 50. If… Continue reading U.K. Insurers Rated by A.M. Best Well Prepared for Brexit
U.K. Parliament Votes to Delay Brexit as Turmoil Drags On
British lawmakers voted to delay the U.K.’s departure from the European Union, setting up Prime Minister Theresa May for a pivotal week ahead in which she will likely aim to coerce recalcitrant elements of her Conservative Party into backing a deal they have soundly rejected twice. Mrs. May is preparing to try one more time… Continue reading U.K. Parliament Votes to Delay Brexit as Turmoil Drags On
A Third of UK Companies Considering Relocation Due to Brexit: Survey
A survey by the Institute of Directors (IoD) has found that nearly one in three UK businesses are planning to relocate some of their operations to other countries or have already done so to prepare for a no-deal Brexit, The Guardian reports. 29 percent of firms in a survey of 1,200 believed Brexit posed a… Continue reading A Third of UK Companies Considering Relocation Due to Brexit: Survey
Brexit Drives Nearly 50 Financial Firms to Luxembourg
Brexit is driving a much heralded jobs boom and expansion in the financial services industry – in Luxembourg. According to lobby group Luxembourg for Finance, 47 banks, insurers, wealth managers and investment firms have plans to move some business activities to the Grand Duchy in order to cope with potential disruption from Britain’s impending departure… Continue reading Brexit Drives Nearly 50 Financial Firms to Luxembourg
Search On for Brexit Consensus After May’s Crushing Defeat
Prime Minister Theresa May was trying to forge consensus in parliament on a Brexit divorce agreement on Wednesday after the crushing defeat of her own deal left Britain’s exit from the European Union in disarray 10 weeks before it is due to leave. May was widely expected to see off an attempt by the opposition… Continue reading Search On for Brexit Consensus After May’s Crushing Defeat
AXA Moves International Risk to Ireland from UK Ahead of Brexit
French insurer AXA said it will handle its international risk and reinsurance trough an Irish unit in light of Britain’s plans to leave the European Union. Chief Executive Thomas Buberl told reporters on Thursday that AXA’s recently acquired XL division had already initiated the plans to move some staff to Ireland from the U.K. before… Continue reading AXA Moves International Risk to Ireland from UK Ahead of Brexit
Chubb European Group Completes Redomicile to France in Preparation for Brexit
Chubb European Group today announced that it has redomiciled its businesses from London to France effective January 1, consistent with its previously announced Brexit preparations. The move, which was approved by regulators in July 2018, provides Chubb customers with continuous, uninterrupted service regardless of the outcome of Brexit negotiations between the UK and the European… Continue reading Chubb European Group Completes Redomicile to France in Preparation for Brexit
Liberty Specialty Markets to Redomicile Its UK Insurance Company to Luxembourg
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has announced that it intends to redomicile its insurance company from the UK to Luxembourg, while maintaining its substantial London presence. The decision was taken in preference to setting up a separate insurance company. LSM has also today announced the appointment of Eric Daout as the… Continue reading Liberty Specialty Markets to Redomicile Its UK Insurance Company to Luxembourg
U.S. Treasury, USTR Reach Post-Brexit Insurance Accord with Britain
The U.S. Treasury and U.S. Trade Representative’s office said on Tuesday they intended to sign a new bilateral insurance agreement with Britain that will provide insurance market regulatory certainty and continuity after Britain leaves the European Union. The Treasury and USTR said the U.S.-UK Covered Agreement would be consistent with a similar agreement signed with… Continue reading U.S. Treasury, USTR Reach Post-Brexit Insurance Accord with Britain