UK Insurer Aviva Prepares for ‘Hard Brexit’ by Transferring Assets from UK

Article 0 Comments Aviva Plc asked a London court to approve the transfer of assets totaling 9 billion euros ($10.2 billion), saying the uncertainty from Brexit was “intensifying” as it joined other insurers and banks triggering contingency plans. Aviva asked Judge Richard Snowden for permission to move the life-insurance policies […]

Brexit to Cause Irreversible Damage to UK Financial Services, Say Industry Leaders

Article 0 Comments Life in London’s financial district will appear little changed when Britain leaves the European Union on March 29, defying predictions of an exodus of high-flyers to rival centers like Paris, Frankfurt and Dublin. But as chaos reigns in Westminster, the mood in the capital’s historic “Square Mile” […]

Post-Brexit Free Trade Would Still See U.K. Insurance Services Exports Fall 19%: Think Tank

Article 0 Comments U.K. financial-services exports to the European Union could be 59 percent lower after Brexit, even if Prime Minister Theresa May secures a free-trade agreement, according to the Centre for European Reform. “Any arrangement that sees the U.K. leave the single market will inevitably lead to new barriers […]

Insurers Advance Post-Brexit Hub Plans Despite Promises of Transition

Article 0 Comments Lloyd’s of London, AIG, Allianz and other insurers are ignoring assurances and establishing new hubs in Britain and the European Union before Brexit in March 2019 to ensure access to customers. The moves come despite a “standstill” transition agreement struck between Britain and the European Union in […]