AM Best reveals Brexit contingency plan with new EU base
Re/insurance sector rating agency AM Best is establishing a new office in Amsterdam, the Netherlands, during 2018 as part of its Brexit contingency plan.
AM Best, through its London-based subsidiary AM Best Europe Rating Services, is currently registered with the European Securities and Markets Authority (ESMA) in Paris, which allows it to provide rating services throughout the EU on a cross-border basis. However, for it to continue to provide ratings to be used for regulatory purposes post-Brexit on March 29, 2019, it will need to have a registered operation within the remaining 27 EU countries.
The company said that Amsterdam has been selected as closely matching its strategic priorities with an excellent talent pool and transportation links to all the major European locations where AM Best's clients are based. AM Best's office in the City of London will continue to act as its hub for the EMEA region.
Roger Sellek, chief executive of AM Best’s Europe, Middle East, Africa and Asia Pacific operations, said: "The EU is, and will continue to be, a very important market for AM Best and we are fully committed to providing continuity of rating services throughout the member states post-Brexit. The planned establishment in Amsterdam will achieve this objective."
AM Best's stated that these plans may be adapted in light of future developments, including the outcome of transitional arrangements that may be agreed between the UK and the EU.
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