Lloyd's Warns Over Post-Brexit Germany Reinsurance Biz
Law360, London (July 31, 2020, 3:33 PM BST) -- Lloyd's of London has warned members of the specialist insurance market that reinsurance contracts for German clients will need to be written through the corporation's Brussels subsidiary from October, unless the U.K. can secure a deal on Solvency II equivalence with Europe before then.
Lloyd's said in a market communication on Thursday that the condition would only apply to business in Germany, while remaining reinsurance business could continue to be written through London.
The U.K. is on course for a no-deal Brexit once the current transition period ends on Dec. 31. That would dash hopes for a deal on financial services,...
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