Rating agency AM Best has said that UK-domiciled insurers were “well-prepared” for Brexit, regardless of the conditions under which the UK leaves the EU. The report also found that a majority of British firms are planning to increase their exposure in Europe and will be looking at how they can benefit from Brexit as well as what impact it could have on Under the regime, EEA insurers will be able to operate in the UK for up to three years after Brexit while applying for UK regulatory approval.
Rating agency AM Best has said that UK-domiciled insurers were “well-prepared” for Brexit, regardless of the conditions under which the UK leaves the EU. Despite UK insurers not being able to service existing contracts in certain EEA countries in the event of a no-deal Brexit, the AM Best briefing said impacts will be alleviated in part by the UK government’s temporary permission regime. Under the regime, EEA insurers will be able to operate in the UK for up to three years after Brexit while applying for UK regulatory approval.