MINNEAPOLIS – The effects of Brexit are expected to have broad implications for the world economy, including multinational enterprises with captive insurance companies or cell companies covering risks in the European Union (EU). Take a closer look at the potential impacts and contingency planning considerations for captives at CICA’s Oct. 20 webinar at 12 noon CT/1 p.m. ET. This is the fourth offering in the 2016 CICA webinar series.
Panelists Peter Mullen, chief executive officer, Aon Captive and Insurance Management; and Derren Vincent, executive director, Willis Towers Watson – Gibraltar, will reviews Brexit’s potential implications on EU and United Kingdom (UK) financial markets and on world trade. They will discuss the insurance and reinsurance markets and the potential impact on the captive insurance industry. Dennis Harwick, CICA president, will moderate.
“The biggest impact of Brexit over the next few years will be the uncertainty of the outcome, says Mullen. “While the stock market has recovered since the initial vote, another market reaction is likely when Article 50 is invoked,” he added. Even with the uncertainties around timing and degree of impact for the insurance industry Vincent emphasized that captives should understand how long it will take to execute their contingency plans once Article 50 is triggered.
Vincent and Mullen agreed that changes to passporting, which allows captive insurers to write business across the European Economic Area, is likely to have an impact on captive insurance companies and certain captive domiciles. “We’ll discuss how captives outside of the UK may continue to write UK risks and conversely, how UK captives may continue to write EU risks,” Vincent said.
Webinar registration is free for CICA members. Non-member rate is $50.