Newline Group Brexit Statement
Newline Group established a German branch of its UK insurance company, Newline Insurance Company Limited, in Cologne in December 2016. To ensure continuous service to our clients in Continental Europe in a post-Brexit environment, Newline announced its intention in May 2018 to establish a newly capitalised insurance company in Cologne, and subsequently has submitted an application to BaFin.
After the UK leaves the EU, and subject to our application to BaFin being successful, our European clients will be able to access Newline in two ways:
1) Newline Underwriting Management Limited / Syndicate 1218 - From 1 January 2019, Newline will be able to underwrite business through the Lloyd's Insurance Company S.A., based in Brussels. Lloyd's Brussels has licenses across Europe and the EEA and has been assigned the same strong financial ratings as Lloyd's from A.M. Best of A, Standard & Poor's of A+ and Fitch of AA-. Business underwritten through Lloyd's Brussels will continue to benefit from the Lloyd's chain of security.
2) Newline Insurance Company Limited will be able to underwrite through its German subsidiary, which will be domiciled in Cologne, Germany.
All other worldwide business outside the EU will continue to be written via Syndicate 1218 and Newline Insurance Company Limited.
Lloyd’s has announced its intention to perform a Part VII transfer and has commenced the process. If circumstances warrant, Newline Insurance Company Limited similarly intends to complete a Part VII transfer prior to the end of the transition period. Regardless of the length of the transition period, if any, Newline firmly commits to, and will continue to, service clients’ contracts.
If you have any questions, including questions relating to particular classes of business, please email Brexit@newlinegroup.com.