April 2021 | The ICISA INSIDER | New Insights
These challenges were simplified for many London insurance businesses by them being global businesses with EU 27 operations already in place. However, even for those businesses Brexit, while not a game changer, has certainly been a nuisance. For BPL, for example, it meant transferring many colleagues to the new UK branch of our well-established Paris business, no small change. However, most London market businesses began operating their post-Brexit model well in advance of the deadline, in our case from November 2019. Hence the minimal disruption at the start of 2021. The nuisance of Brexit has been shared by our clients. They had the job of vetting the EU platforms of the insurers previously using their UK regulated carriers. However, this task was set in motion well ahead of the deadline, and was often fairly straightforward. It was less straightforward for Lloyd’s. However, as well as a unique ability to combine entrepreneurial underwriting with massive financial strength, Lloyd’s genius over the years has been its ability to adapt to its everchanging environment. Lloyd’s Brussels became the latest manifestation of this ability. However, for our banking clients in particular, it took time and effort for clients to see the corporate Lloyd’s Brussels as presenting effectively the same security as the Lloyd’s
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