The law firm says London will need new “playbook for distribution”
CMS partner and head of insurance sector group Stephen Netherway has weighed in on the Brexit by saying the “playbook for distribution and route to European market has just been ripped up” and that we are entering “the world of Rumsfeld’s unknown unknowns”.
He added: “For non-EU domiciled insurers and brokers based here, first up for review must be redomicilisation to preserve the certainty of single market access. For others, can London remain a fulcrum for HQ operations, and if not there will be shrinkage? And spare a thought for those insurers domiciled in Gibraltar, many with strong UK links and workers. This is their Brexit too and they face the spectre of the flight of their passporting rights.”