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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral. -
The watchdog had been due to announce a decision on a further inquiry by 29 November.
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This week’s news that the UK plans to introduce a statutory requirement for regulators to consider growth and competition targets will be taken by local ILS market observers as a modest win.
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The UK government, launching a consultation on the post-Brexit regulatory framework for financial services, has said it supports granting the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) statutory objectives to focus on growth and competitiveness.
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Financial authorities must ‘massively expand’ risk-sharing pools.
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The UK government’s policy paper provides for use of secondary legislation to make changes.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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The carrier said its $110mn net claims burden will be unaffected.
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Trade body Insurance Europe has warned the Prudential Regulation Authority (PRA) that the temporary regime enabling EU reinsurers to trade in the UK will close before they know which of the Solvency II reforms will be taken forward.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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He becomes the first service company provider to hold the title.
