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Edwin Hayward @uk_domain_names
, 15 tweets, 5 min read Read on Twitter
Brexit means bye bye insurance business. Who knew? Brexit Day is 5 months away, but many insurance firms aren't waiting. Instead, they're already taking action against the possible disruption a no-deal Brexit could cause them due to the loss of financial passporting rights. 1/15
A number of insurers are using the "Part VII transfer" mechanism to reorganise their business. This allows them to transfer a book of insurance policies from one legal entity to another (a complex process that can take 18 months to complete.) 2/15
They can use Part VII to transfer insurance policies written by a UK subsidiary for EU27 clients over to an existing or new unit based in the EU27. The receiving unit can service those clients going forward, taking advantage of passporting rights. 3/15
Now, such moves don't necessarily affect huge numbers of jobs (some firms are purely recruiting locally to staff their new offices). They can, however, involve significant amounts of money. With the businesses no longer in the UK, HMRC cannot expect to receive any future tax 4/15
revenues generated from any of the insurance policies that have been transferred out of the UK. In the rest of this thread, I will provide specific examples of insurance firms that have moved, or are in advanced preparations to move, portions of their business out of the UK 5/15
XL Insurance Company SE (a company writing over €2 billion of gross insurance premiums) is moving from the UK to Ireland in January 2019 due to Brexit (the move is explicitly described as such on p.5 of its annual accounts - see link below) 6/15
beta.companieshouse.gov.uk/company/SE0000…
Extract taken from XL Insurance Company SE's most recent "Solvency and Financial Condition" report, explaining their reasoning for the move (follow link to read the full report): 7/15
axaxl.com/-/media/xlinsu…
Hiscox announced in early November 2018 a spend of US$15 million (£11.5 million) on Brexit preparations. They are transferring some aspects of their business to Luxembourg, and expect the Part VII transfer to complete by 1 January 2019 (see link) 8/15
hiscoxgroup.com/about-hiscox/p…
"The Transfer will move £421.5m of liabilities (and the corresponding assets) from HIC to HSA." A significant amount of financial and legal background to the transaction can be found in the document at the link below. 9/15
hiscoxgroup.com/sites/group/fi…
QBE Limited is reorganising the affairs of several of its group companies, using the Part VII mechanism, in order to be ready for Brexit. Details of its plans to move business to Belgium can be found at the link below. 10/15
qbeeurope.com/qie-rnice-part…
Tokio Marine Group is using Part VII to transfer business from two UK-based subsidiaries (Tokio Marine Kiln Insurance Limited, and HCC International Insurance Company Plc) to a Luxembourg entity. 11/15
The transfers involve 46% and 30% respectively of the total current gross written premium of the two firms. See link for full details. 12/15
tokiomarinekiln.com/about-us/brexi…
Royal & Sun Alliance Insurance plc is moving approximately 6% of its insurance and reinsurance business to a new legal entity in Luxembourg, with the intention that the move be effective 1 January 2019. Full details at link below. 13/15
rsagroup.com/support/brexit…
CNA Hardy has established a new Luxembourg company, and plans to transfer certain of its business there by 1 January 2019. Full details at link. 14/15
cnahardy.com/brexit
AIG operates in Europe through a single legal entity established in the UK (with branches across Europe). They are restructuring because of Brexit, moving all non-UK business to a new Luxembourg entity (planned December 2018). Full details at link. 15/15
aig.be/microsites/bre…
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More from @uk_domain_names see all

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This is a radio ad the Government has started running as part of its no deal Brexit preparations...

It directs people to a nice website with warm and fuzzy graphics...

And as soon as you go deeper, you're thrown into the opaque preparedness notices.
euexit.campaign.gov.uk
That's like flying a sky banner saying "Roll up. Learn the secrets of the Universe" then handing people a copy of Stephen Hawking's "A Brief History of Time".

Utterly, utterly bonkers. And as much use as a bun at a bear fight.
(If you missed the link to the "helpful" website further up this thread, here it is again...)

euexit.campaign.gov.uk
Read 3 tweets
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A few thoughts on alternatives to Brexit...
- Bring in proportional representation
- Cancel HS2 and spend the tens of £billions on improving *regional* rail and other transport links
- Turn the HOL into an entirely elected second chamber (its oversight function is useful)
- Recognise the merit of a booming economy in London and the SE. Celebrate it and nurture it. Then milk the cash cow and spread that delicious cream across the whole of the UK.
- Foster an entrepreneurial mentality that rewards a "British Dream" (parallels to the American Dream)
- End the culture of secrecy in Government, except in cases of genuine national security. Transparency and accountability at every level. Shine a bright light into the darkest corners.
- Set up a "regional sifting committee" to vet all large infrastructure projects to ensure that
Read 7 tweets
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Government is trying to foist the blame for any Brexit chaos in the adult social care sector off on local authorities and directors of adult social care facilities. This from the letter sent to them on 21 December last year... (Full letter at link below.)
gov.uk/government/pub…
More from the letter:
" Many of these issues will have either a direct or indirect impact on councils and it is also possible that they will have a financial consequence for providers."
More from the letter (doubling down on the "legal" bit):
"I encourage you to work closely with your adult social care providers, in line with your legal market shaping duties, to assure yourself that any impact on providers can be managed locally."
Read 3 tweets

Related threads

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Good morning. Today seems like a good day to tell you about my conversation with a brexiter, that I had a few weeks ago.
That day I was told to my face that #brexit means they can finally switch out all those EU migrants with better foreigners. /1
This person knew that I am one of "all those EU migrants". And while I've been told way too many times to count that I should "go home" or "go back where you came from", being told that I can and indeed will be "switched out" for something better was a new one to me. /2
There has been a shift, a reframing going on for a while. Back in the early #brexit days, any foreigner was bad. Then followed the phase of bad EU migrants (e.g. "those Poles! Those Bulgarians!"...) and good ones ("we don't mean you!, You'll be fine"). /3
Read 18 tweets
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I’m a @UKLabour member living in London. I’m an ex-candidate. I would love to hear @johnmcdonnellMP speak with Jenny Manson tomorrow but my ticket has just been cancelled by Jenny’s team.
I’d love to know why.
I’d guess it’s because I’m the wrong type of Jew, a Zionist.
Here’s the cancellation notice. No explanation.
This is how the event appears currently on @eventbrite so it’s going ahead, just without Jews in attendance.

Of course it’s ok for press to be accredited but oddly they’re not accrediting Jewish press or Jewish journalists.
Read 51 tweets
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1. The no deal #Brexit advocates are in full spin mode. They say we can trade on WTO terms alone. So anybody with a clue asks them about aviation and nuclear sectors etc where they mutter something about bilateral deals. That's an admission that we cannot trade on WTO rules alone
2. They then pretend we can have an amicable negotiated exit to WTO rules. We can't. This would be a package with all the bilaterals covering aviation and nuclear - there bare minimum to avoid civil emergencies. It would not include any mutual recognition on anything.
3. There is no way the EU would sign such an agreement without the existing agreements on citizens rights, the financial settlement and the NI backstop. There is no rowing back from that. The government would have to agree or there is no deal.
Read 18 tweets
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"#Brexit and EU agencies", our extensive look into third country relationships of the 36 EU agencies and how the UK might fit in.

swp-berlin.org/fileadmin/cont…

Albeit largely technical, agencies will have huge implications on Brexit.

Five points stand out in particular:
First, Agencies matter. Like the customs union, they are a technical aspect of the EU, that works and was thus hardly discussed in the UK before #Brexit.
But they are important for single market, but also justice and home affairs.

UK gov thus has already asked to continue participation in selected agencies, in particular in sectors important to the UK economy, like aviation, chemicals or pharma.
Read 10 tweets
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I have changed my mind on #Brexit and now accept it is the best thing that is happening to my country in my life time for the following reasons. Thread
I have come to realise that the EU will be hit worse by UK leaving single market as 8% of eurozone exports go to the UK but 44% of UK exports go to the EU clearly tge eu will be worse hit by a trade war
We will walk out not merely on the single market but every single trade treaty we now have with the entire world by ensuring all our exporters face worse trade terms this will toughen up lazy UK businesses and see unpatriotic ones go to the wall
Read 16 tweets
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1/ Thread: Here are my 12 thoughts on #Brexit. We are at half-time in Art50 process. Departure UK from EU now exactly 12m away. Right moment to take stock and list a few backward- and forward-looking thoughts. (You can also read the full blog-post here: delorsinstitut.de/en/all-publica…)
#1: When the UK voted leave, many said the EU would be weakened. Today it is clear that the contrary is true: it’s the UK not the EU that has been weakened by Brexit.
#2a Whatever people say, it would have been possible for Britain to change its mind about Brexit. Many political decisions, even after referenda, have been reversed in many countries.
Read 18 tweets

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