UK insurance industry unprepared for Brexit, less than a year away

Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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Insurance company Brexit takes Liberty Specialty Markets out of London

Insurance company brexit strategy

The specialty insurer announced the city that will become its new home after the U.K. splits from the E.U. The insurance company Brexit strategy announcements have begun, and among the latest is the new Liberty Specialty Markets headquarters. The specialty insurance company has been seeking a new home following the British exit from the European Union and recently made its decision. The company announced that it will be remaining in London for now but will leave as Brexit occurs. The insurance company Brexit move has launched an effort to move…

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Lloyd’s of London EU subsidiary will be in Brussels

Insurance company brexit strategy

As Great Britain triggered Article 50 in order to formally begin Brexit, the massive insurance marketplace plans ahead. The largest specialty insurance market in the world, Lloyd’s of London, has selected Brussels as its intended European Union subsidiary. The decision was made on the eve of the day British Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty with the E.U. This has launched Great Britain’s official intention to leave the E.U. The insurance market made this decision in order to ensure a subsidiary will be in place…

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UK insurance market could lose Lloyd’s staff following Brexit

Lloyd’s insurance claims - Home office building

Top boss at the massive marketplace has revealed that operations may leave the country. The UK insurance market may not remain the most important one in the world due to the Brexit vote. Chairman of Lloyd’s of London, John Nelson, cautioned that the marketplace may be required to move some of its business over to continental Europe. That could mean a loss of a large chunk of the staff currently located in the United Kingdom. In fact, Lloyd’s insurance operations may be on their way out of the country even…

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The Brexit insurance industry impact is already showing

Insurance company brexit strategy

One of the first things that happened following the announcement of the voting results was plummeting shares. Across the United Kingdom, the Brexit insurance industry impact was felt right away as the voting results were revealed. Shares throughout the sector plummeted, leaving investors and insurers reeling. Growing fears from experts appear to have taken an axe to stock prices. The main concern is the effect the Brexit will have on Lloyd’s of London, the massive insurance market. Lloyd’s currently enjoys a special appeal to other insurance companies. This is because…

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