New York partners Michael Halsband and Tom Dawson were quoted in three publications regarding the referendum of the United Kingdom’s (UK) membership of the European Union (EU) and its potential impact for the insurance industry domestically and abroad.
In a Trading Risk article, “Bermuda set to benefit from Brexit vote,” Michael explained that, “Compared to Bermuda and the Caymans, London historically has not been a significant ILS centre from a domicile perspective. Gibraltar – a little bit and it could have consequences as a result. I think as far as the ILS market is concerned, the status quo will remain.”
“Insurers already listed by US regulatory bodies to write insurance on a surplus lines basis are unaffected by the Brexit vote. The ability to write reinsurance in the US market has always been open to reinsurers worldwide – subject to collateral requirements. Relaxation of those collateral requirements – the still-evolving ‘certified reinsurer’ status – is open to reinsurers domiciled in approved jurisdictions (the UK, France, Germany, Ireland and Switzerland among them) – and so is unaffected by the Brexit vote.”
In an Artemis article, “London should ‘be bold’ on ILS post-Brexit: Drinker Biddle,” Michael discussed how “now more than ever, London and the UK should leverage this expertise to capture a share of the ILS activities that may well grow post-Brexit, consider lowering regulatory and tax hurdles, and develop an express regulatory construct to ensure speed and access to market.”