AM Best’s Preparations Towards Brexit

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.

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
    U.K. 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
    EU (Withdrawal) Act 2018 (UK) sets 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 B.V. 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

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