Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Underwriting group urges swift action on U.K.-E.U. trade proposals

Reprints
Underwriting group urges swift action on U.K.-E.U. trade proposals

The International Underwriting Association has urged legislators to set out proposals for a new trading relationship between the United Kingdom and the European Union as soon as possible.

After its annual general meeting in London on Wednesday, the IUA, which represents underwriters in the London company insurance market, said insurers are developing contingency plans to reassure buyers after the U.K. voted to leave the E.U. in a binding referendum last week.

“It is clear that companies are well-prepared to respond to a new business environment and adapt their business plans as necessary,” Dave Matcham, CEO of the IUA, said Thursday in a statement.

“The ability to trade freely in European markets via the E.U. financial services passport is vitally important to our members, and preserving this advantage must be a top priority in the exit negotiations,” he said.

“Without rights conferred by the passport, firms may have to obtain trading licenses in order to continue conducting business in certain countries. This can be a lengthy process, and so prudent examination is being applied to all potential scenarios,” Mr. Matcham said.

“Companies are considering both what they need to do now and how they might respond to the negotiation,” he said.

“It is in the interests of all industry participants that uncertainty and disruption is kept to a minimum by an early confirmation of future trading terms,” Mr. Matcham added.

For more of Business Insurance's ongoing coverage of the historic 'Brexit' vote, click here.

Read Next