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.
For more information, contact:
Managing Director, Market Development