AM Best, through its London-based subsidiary, AM Best Europe Rating Services Limited, 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.
AM Best understands that for it to continue to provide ratings to be used for regulatory purposes (and to retain EU ECAI status) post-Brexit on March 29, 2019, it will need to have a registered operation 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 anticipates that it will also register with the United Kingdom's (UK) Financial Conduct Authority as part of a new regulatory regime to be introduced into the UK for credit rating agencies.
AM Best is fully committed to providing continuity of rating services throughout the member states post-Brexit. The planned establishment in Amsterdam will achieve this objective (subject to regulatory approval), although our plans may be adapted in light of future developments, including, for example, any outcomes of transitional arrangements that may be agreed between the UK and the EU.
For more information, contact:
Managing Director, Market Development