AM Best’s Preparations Towards Brexit

AM Best, through its London-based subsidiary, A.M. Best Europe-Rating Services Limited (AMBERS), is currently registered with the European Securities and Markets Authority (ESMA) in Paris, which allows it to provide rating services throughout the European Union (EU) on a cross-border basis.

In response to Brexit AM Best has now established and registered with ESMA, A.M. Best (EU) Rating Service BV in Amsterdam, the Netherlands, to be able to continue to provide ratings to be used for regulatory purposes (and to retain EU ECAI status) post-Brexit within the remaining 27 EU countries.

Amsterdam, a well-established financial centre, has been selected as closely matching AM Best's 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 at the heart of the (re)insurance community in the City of London will continue to act as a hub for the EMEA region.

AM Best expects that its existing London subsidiary AMBERS will become registered with the Financial Conduct Authority (FCA) as at the date the UK leaves the EU, regardless of whether or not a withdrawal agreement has been agreed. This is facilitated by the Registration Conversion regime, part of the transitional processes put in place by the UK government in relation to CRAs and means that AMBERS can continue to provide ratings for UK regulatory purposes.

AM Best also plans to endorse ratings produced in the UK into the EU 27 and vice versa to ensure that ratings can continue to be used for regulatory purposes in both jurisdictions. Both companies will also endorse ratings from other non EU/non UK AM Best offices in accordance with the regulatory provisions.

View our most recent market communications about Brexit:

Useful external links and information:

For more information, contact:

Nick Charteris-Black
Managing Director, Market Development

Timeline of Events

  • 23 June 2016
    United Kingdom votes in referendum to leave the European Union
  • 29 March 2017
    UK Government invokes Article 50 of the Treaty on European Union
  • 01 March 2018
    AM Best selects Amsterdam, Netherlands as the new location for its new EU office
  • 02 May 2018
    Incorporation of AM Best (EU) Rating Services BV
  • 07 May 2018
    Registration of AM Best (EU) Rating Services BV with the Dutch Chamber of Commerce
  • 26 June 2018
    UK sets original exit date for 29 March 2019
  • 05 July 2018
    Appointment of Angela Yeo, Senior Director, Analytics & Head of Operations for AM Best (EU) Rating Services BV
  • 01 October 2018
    Amsterdam office operational (pending ESMA registration)
  • 03 December 2018
    Registration of AM Best (EU) Rating Services BV by ESMA
  • 27 February 2019
    FCA confirms AMBERS' notification is valid to convert registration on Exit day as required
  • 07 March 2019
    AM Best marks opening of new Amsterdam office with a launch event
  • 31 January 2020
    UK exits the European Union
  • 31 December 2020
    End of transition period

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