AM Best picks Amsterdam for new Europe unit post-Brexit
Rating agency AM Best has unveiled its new subsidiary AM Best (EU) Rating Services, based in Amsterdam, the Netherlands.
The new office will enable the agency to continue to provide ratings to be used for regulatory purposes post-Brexit across the EU member nations. AM Best (EU) has been registered with the European Securities and Markets Authority (ESMA) as a credit rating agency (CRA).
The agency’s London-based subsidiary AM Best Europe — Rating Services is at present registered with ESMA in Paris, which allows it to provide rating services throughout the EU on a cross-border basis. The London office will continue to act as its hub for the EMEA region. AM Best plans to register it with the UK Financial Conduct Authority (FCA) which is assuming responsibility for the supervision of UK-based credit rating agencies post-Brexit.
AM Best said it selected Amsterdam for its new European office because of its well-established financial centre, excellent talent pool and good transport links to all the major European locations.
“We welcome this news that our application has been successful. ESMA’s registration of A.M. Best’s Amsterdam office enables us to prepare for any kind of Brexit outcome, to ensure continuity of our rating services for our clients,” said Roger Sellek, chief executive of AM Best’s Europe, Middle East, Africa and Asia Pacific operations.
Nick Charteris-Black, managing director, market development for AM Best Europe, Middle East and Africa, added: “The Amsterdam office reinforces A.M. Best’s ambitious growth agenda for continental Europe and demonstrates our commitment to providing continuity of rating services throughout the EU post-Brexit whilst developing our coverage in other international markets across the broader EMEA region from London."
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