Sovereign Insurance acquires book of insurance business due to Brexit
Sovereign Insurance Services has secured a book of insurance business from Gibraltar-based intermediary Apex International. Apex has decided not to continue providing insurance services to clients in Spain after Brexit. The transfer will take effect on 3 February 2020.
Regulated financial firms that are registered in one EU or EEA Member State enjoy ‘passporting rights’ that enable them to provide cross-border services in another Member State without additional regulatory and compliance measures.
When the UK leaves the EU, Gibraltar will automatically become a ‘third country’ for passporting purposes and restrictions may then apply in respect of access to EU markets for providing financial services.
Sovereign Insurance Services is based in Gibraltar and regulated by the Gibraltar Financial Services Commission but has established a subsidiary in Malta that was licensed by the Malta Financial Services Authority (MFSA) on 2 May 2019 to carry out business as an insurance intermediary throughout the EU. As a result, Brexit will not have any negative impact on Sovereign’s ability to provide creative insurance solutions throughout Europe and the UK.
Anthony Russo, a highly experienced insurance professional, will be joining Sovereign Insurance Services as a consultant in its Private Client division, providing continuity for transferring clients.