Howden UK has been very proactive in its approach towards Brexit to keep disruption to a minimum for our customers. Whilst it is still unclear what the outcome will be from negotiations between the UK and EU, 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 12th April 2019 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 if it actually happens.
We have established a new European subsidiary of Howden UK Group Limited, Howden Broking S.á.r.l, authorised and regulated by the Commissariat Aux Assurances (CAA) – the Luxembourg regulator.
In order to minimise operational disruption, Howden Broking S.á.r.l has also established an FCA regulated branch office in the UK, which in turn will allow us to continue to trade in EEA territories from the UK. Post-Brexit, we anticipate that our EEA customers will largely be dealing with the same contacts who will be acting for and on behalf of Howden Broking S.á.r.l. in the future, although there may be some aspects of servicing policies which will need to be undertaken by our colleagues from our European office in order to comply with European legislation relating to the distribution of insurance products to European citizens (or businesses).
Once there is further clarity over exactly what form Brexit will take we will provide additional updates.