Nexus is Brexit ready
After the UK’s departure from the European Union, we have had to take measures in order to be able to continue to transact EU business after the loss of “Freedom of Services” passporting at the end of the transition period on 31 December 2020.
We have worked closely with the Lloyd's Brussels subsidiary, our EU Insurers and our regulators to ensure that we are operationally ready for a post Brexit world. European clients have the choice of using either the Lloyd's Brussels or our European insurance company platforms.
- Our EU Trade Credit business is being conducted through Equinox Global GmbH with branches in Netherlands and France.
- Nexus Europe SARL, our French legal entity and its UK branch, is authorised to provide service continuity to all European policyholders for all other classes of business that we write at Nexus including Nexus Europe SARL Broker authorised as a Lloyd’s broker.
- Nexus EBA SRL, our Italian subsidiary writes Italian PI & D&O business regulated by IVASS and is authorised to carry out coverholder activities.
- Nexus Underwriting Insurance Limited in Ireland also writes Irish D&O policies, regulated by Central Bank of Ireland and is authorised to carry out coverholder activities.
- In the UK, in order to comply with the EIPOA recommendations, Nexus has set up a UK branch of Nexus Europe SARL (NES UKB) to give effect to the ‘reverse branching’ mechanism. Equinox Global GMBH, Nexus EBA SRL and Nexus Underwriting Insurance Limited – Ireland will utilise the reverse branching mechanism of NES UKB to enable underwriting activity from the UK.
Nexus is therefore “Brexit ready” with the regulatory & financial set-up in place alongside the operational structure being work in progress with a completion date commensurate with the end of the transition period.