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.
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Intelligent Insurer: Brexit will have little impact on US activities of re/insurers
“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.”
