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The UK will retain its passporting rights into Europe as it negotiates its exit from the EU that will take at least two years.
The UK's financial services regulator has been an avid advocate of Solvency II, Europe's capital adequacy and reporting regime for insurers. Many in the UK believe that it has been guilty of 'gold-plating' the regime.
It would be difficult for the European Insurance and Occupational Pensions Authority (EIOPA), politicians in Strasbourg or bureaucrats in Brussels therefore to argue that the UK does not qualify for equivalence to Solvency II along with Bermuda, Switzerland and Japan.
But the threat of the loss of passporting rights if the UK fails to negotiate a decent exit agreement with the EU is a serious consideration that international insurers and reinsurers based in London will have to watch closely.
It is important to note that while Europe does provide a decent level of business for UK insurers it is not the lifeblood of the London market.
The US remains its biggest source of premiums by far. Vigorous investments in new platforms in Asia, Latin and Central America and Dubai by Lloyd's over recent times strongly suggests that the market sees its future further afield than across the channel.
One positive for the London market is that the many US, Asian and European firms with operations at Lloyd's and in the wider London market are not there simply to access mainland European business.
They are in London to access international business that comes to the UK capital via the Lloyd's global licensing system and because of the huge and highly skilled labour pool and service providers based in London.
Brexit will inevitably lead to complications, uncertainties and frictional costs for international insurers that are based in London.