21.10.2016 – Lloyd’s nimmt elf Prozent seiner Prämien in der EU ein, will aber einem Lizenzentzug für den europäischen Versicherungsmarkt zuvorkommen. Lloyd’s-Chairman John Nelson erklärte im September in der Versicherungswirtschaft, dass er auf Passporting Rights setzt, jene Rechte, die es Finanzinstituten erlauben, von London aus Geschäfte mit der EU zu machen.
VWheute: After the Brexit referendum the British economy faces recession. What will be the impact on Lloyd’s?
John Nelson: It’s probably too soon to make any accurate assertions about the long-term macroeconomic impact on the British economy. Despite the initial market shock, we haven’t seen a sustained and severe market-wide collapse on the scale we saw during the global financial crash in 2008. Although this may change, and the long-term consequences are still unfolding, in the immediate future the relative stability is of some reassurance to insurers and capital providers.
Looking at Lloyd’s for example, we remain in good health financially. Lloyd’s is well protected, even during the positive and negative currency movement we have seen over the past few weeks, and may continue to see over the coming months. This will not impact Lloyd’s because the currency mix of assets across the Chain of Security is well matched to liabilities. Similarly, because Lloyd’s has a conservative asset disposition our investments are well positioned to withstand heightened volatility. It is also important to make clear that right now, nothing has changed in terms of how we trade. The UK is still a full member of the EU and we continue to have access to the single market and enjoy full passporting rights. Until the UK formally leaves the EU, we will continue to operate within the single market and under the current EU rules and regulations. This means that no current policies will be affected by the referendum.
VWheute: What are the Lloyd’s contingency plans ensuring service for the continental European markets?
John Nelson: Lloyd’s has been clear about its own plan for Europe. We are committed to continuing to support our brokers and customers across the EU. Our plan for Europe, endorsed throughout multiple levels of corporate governance, and with the full support of the Board, takes a structured multi-lateral approach. Strategy 1 is to seek the retention of the system of passporting rights that Lloyd’s currently enjoys, allowing us to continue to trade in the same way with the European market. Strategies two and three, which are running in parallel, are to pursue alternative solutions. We have already done much of the groundwork for these alternatives. Earlier in the year we carried out detailed analysis of the access to the 27 European markets and how we would approach securing branch licences for the Lloyd’s market model as a “third country” insurer. This is strategy 2. Strategy 3 is about looking at the option of having some sort of “subsidiary” based in an EU jurisdiction, allowing underwriting on a cross-border basis within the EU.
VWheute: Is the interest of non-UK investors in Lloyd’s diminishing after Brexit?
John Nelson: We have seen no evidence of any impact from Brexit on the attractiveness of the Lloyd’s platform to capital providers. As previously mentioned, the industry is supported by record levels of capital both at an insurance and reinsurance level.
Die Fragen stellten die VWheute-Redakteure Christoph Baltzer und Michael Stanczyk.
Bild: John Nelson (69) ist Chairman von Lloyd’s seit 2011 und will seine Position im Sommer nächsten Jahres aufgeben. (Quelle: Lloyd’s)
Lesen Sie das vollständige Interview mit John Nelson “Manmade Risks Can be Extremely Rare but with Significant Costs”, in der Versicherungswirtschaft 09/16 (Einzelbeitrag)