The UK Parliament Brexit vote went ahead on Tuesday 15th January, although the eventual outcome remains unclear at this stage. Given the continuing political uncertainty, Howden UK and all other Hyperion businesses based in the UK are preparing on the assumption of a so called Hard Brexit. This position assumes the UK will leave the EU on the 29th March without a trade deal and without any transitional arrangements with the EU. This means we are planning for the most severe outcome so that we are ready to deal with that should it happen.
As you would expect we have explored multiple options and strategies to enable us to continue to service our clients post Brexit including engagement of external lawyers and consultants in a number of different EU states to assist and advise us. We have established new entities in two European countries, namely Ireland and Luxembourg, and anticipate obtaining regulatory approval to enable us to continue to service our clients insurance needs across all EU territories post Brexit. Once regulatory approval has been granted, and the basis of the UK’s exit in relation to insurance coverage is known, we will provide further clarity to all those clients impacted.
In summary, we believe that we are in a strong position should we need to operate in a hard Brexit environment and that we are prepared for all possible Brexit scenarios. We will of course, continue to keep you updated as the political situation evolves but, in the meantime, if you have any questions please get in touch with your usual Howden contact.