A new business relationship with Britain in the wake of its vote to leave the EU is “critical”, an island business leader said yesterday.
Bradley Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers, said the island needed a twin pillar approach to Britain and the EU to ensure business did not suffer as a result of Brexit.
Mr Kading said that the EU was the second most important insurance market for ABIR members after North America.
He added: “Because Europe is such an important market to us, Bermuda has acted to win Solvency II equivalence, engage with critical International Association of Insurance Supervisors regulatory work streams, enact Organisation for Economic Cooperation and Development tax transparency, co-operation and enforcement rules and build relationships with key EU officials and key jurisdictional insurance supervisors.
Continue Reading “Twin pillar approach urged after Brexit vote” at The Royal Gazette
The new boss of M&G Investments said it could shift funds to Dublin and Luxembourg if Britain loses single market access following the Brexit vote.
Chief executive Anne Richards, who recently joined from Aberdeen Asset Management, said the decision would depend on the outcome of the UK’s Brexit negotiations, but the firm needed options so it was in a position to “react and adapt”.
M&G profits dropped by 10% to £225 million in the first half of the year after seeing £7 billion of net outflows.
Continue Reading “M&G Investments could move funds if Britain loses access to single market” at Belfast Telegraph