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Thomas Dawson, a New York-based partner at transatlantic law firm Drinker Biddle, notes that the Brexit will have little immediate impact in the U.S. for British and European insurers and re-insurers. In the longer term, Dawson notes that ongoing US-EU "covered agreement" negotiations could be impacted, and that UK startups experimenting with new technology such as blockchain may become unencumbered by EU regulation.
“The future impact of the Brexit vote remains to be seen of but many in the industry will be monitoring progress of ongoing US-EU ‘covered agreement’ negotiations with the expectation that the UK Government will seek to begin bilateral ‘covered agreement’ US-UK talks, either standalone or as part of a wider trade agreement. “Industry will also be watching with great interest as commercial innovation in the London Market—with respect to traditional products, ILS/capital markets developments, use of blockchain technology, etc - may now proceed without having to conform to EU-wide norms.”
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