Reinsurance more important than ever post-Brexit: RAA

Following on from the UK’s vote to leave the European Union, the Reinsurance Association of America (RAA) has stated its belief that in this time of uncertainty, the stabilising benefits that global re/insurance markets bring to communities are more important than ever.

The RAA stresses that the US and EU should remain focused on reducing impediments to the free flow of capital and risk transfer, particularly related to conducting cross-border business.

Frank Nutter, president of the RAA, said: “The impact of Solvency II and now Brexit, has fostered some uncertainty for US-based companies doing business in EU countries.

“In light of the Brexit vote, it is important for the covered agreement negotiations between the US and EU to remain a top and immediate priority among all concerned parties. Such an agreement can resolve uncertainty and set a precedent for future regulatory agreements.

“The RAA will continue to actively engage in these important negotiations.”