Brexit, Hedge It Update
Theresa May is very enthusiastically trying to persuade the world at large that she has brought back the right Brexit deal for UK businesses but many are unconvinced. The hurdles that have to be cleared, not least of which is the House of Commons and House of Lords, could change everything. Firms that are currently general insurance brokers and insurers that have clients in Europe may lose the benefit of their passport for both services and indeed branch establishments.
We have organised a hedging strategy for UK authorised firms that have permissions for non-investment insurance businesses to partner with an authorised firm in the Republic of Ireland. From this base firms could continue to conduct business throughout Europe. This is likely to be a temporary measure and evolved over the following two years depending entirely upon the progress of Brexit. Our concern as a regulatory consultancy is to help our clients to continue to conduct compliant business in the way in which they choose to conduct business.
The establishment in Ireland will be relatively inexpensive to set up circa £7,500 to £10,000, but at this stage we are only seeking expressions of interest so we can keep you informed as progress continues. We would also like to hear from you in respect of the agencies that you wish to secure and the type of business you wish to write in Europe and in which states.
An early contact via telephone or email is essential.