Brexit – challenges for EU captives – SWERMA captivemöte
Brexit remains a critical risk for nearly all businesses. För Krets 1 / Risk Managers som loggat in.
The prospects of a ’hard Brexit’ are growing and with uncertainty over any final deal set to remain into the new year, action is required now ahead of March 2019.
The shock vote in June 2016 by the UK electorate to leave the European Union has created a period of uncertainty for all sectors of the insurance industry and will present many challenges also for the captives sector.
EU resident captives may now need an additional licence to conduct business insurance in the UK. Either a UK insurer would be needed to front risk, or firms may need to form a UK branch or a new UK entity to insure compulsory classes such as employers’ liability and third-party motor liability risks.
The problem with much of this is that it remains very difficult to predict what the outcome of Brexit negotiations will be. It’s therefore important to review your captive risk profiles and insurance programmes, as well as monitor the markets closely to ensure solvency obligations can be fulfilled.
This seminar will give you some background on Brexit and how the UK ended up in this situation, the political issues and the time-line, what the possible future scenarios can mean for cross-border business and what challenges captives may face, along with some tips on how to prepare for March 2019.
Andrew Brierly, Director for Brexit at AIG in London
Andrew is Corporate Development & Operational Transformation director for AIG, and is currently leading AIG’s Brexit resilience strategy and post-Brexit re-organisation.
As a specialist in business, operational and organizational transformation, corporate M&A, restructuring, and post-merger integration, Andrew has over 20 years’ experience in delivering operational and capital efficiencies and supporting businesses and private equity on major cross border acquisitions, divestment and fundraising.
Andrew is an active member of TheCityUK, London Market Group and Association of British Insurers Brexit working groups.
Michael Truwert, General Counsel at Länsförsäkringar in Stockholm
Michael currently works as Chief Legal Officer and Head of Business Support at Länsförsäkringar Sak AB, responsible for corporate governance issues and compliance. The company manages the LF Group’s non-life business, such as Health Insurance, Agria Pet Insurance and Special Business in the areas of Reinsurance, Transport, Motor, Liability, and Property Insurance. Michael supervises and coordinates the company’s management of Brexit, as the company operates in the UK, e.g. through the establishment of an Agria branch there and therefore has ongoing contacts with English expertise, Insurance Sweden, the Swedish FSA and PRA, in Brexit related issues. Michael is also chairman of the International Network of Insurance, a network of 120 insurance companies operating in 150 countries, aiming to assist network members with local insurance solutions when needed.
The seminar will be held in English. Krets 1 / Risk Managers