Almost one quarter of London market brokers have set up a base in Belgium - according to the London & International Insurance Brokers Association (LIIBA) that is confident members will be able to continue serving clients in the EU.
The survey of London market
intermediaries finds that Ireland and France were the next most popular
locations for an EU base, with 16% of brokers setting up an entity in each
country.
LIIBA said Belgium’s regulator
had been proactive in creating a framework for London market brokers. It added
that the outcome of current trade negotiations between the UK and EU will not
affect brokers as there is no equivalence framework for insurance distribution.
“We have always known we would need to make
our own arrangements to carry on acting in the best interests of our clients.
It is good to see that our members have done that challenging and expensive
work, and that their clients can look beyond the end of the year with
confidence,” said Christopher Croft, CEO of LIIBA.
He said brokers have used the
past few years to establish a base in Europe that will allow them to continue
business with EU clients. “Our members have taken prudent and positive
steps to ensure that they have ‘reverse branches’ in place to be in a position
to continue to support their clients in the EU. We are confident that whatever
the outcome of the negotiations, London will still be able to play a key role
in helping European businesses to manage their risks,” he said.
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