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FOR IMMEDIATE RELEASE
LONDON - MARCH 01, 2018 07:50 AM (EST)
A.M. Best, the specialist insurance sector rating agency, has announced plans to establish a new office in Amsterdam in the Netherlands, during 2018 as part of its Brexit contingency plan.
A.M. Best, through its London-based subsidiary, A.M. Best Europe Rating Services Limited, is currently registered with the European Securities and Markets Authority (ESMA) in Paris, which allows it to provide rating services throughout the European Union (EU) on a cross-border basis. A.M. Best understands that for it to continue to provide ratings to be used for regulatory purposes post-Brexit on 29 March 2019, it will need to have a registered operation within the remaining 27 EU countries.
Amsterdam, a well-established financial centre, has been selected as closely matching A.M. Best’s strategic priorities with an excellent talent pool and transportation links to all the major European locations where A.M. Best’s clients are based. A.M. Best’s office at the heart of the (re)insurance community in the City of London will continue to act as its hub for the EMEA region.
Roger Sellek, chief executive of A.M. Best’s Europe, Middle East, Africa and Asia Pacific operations, said: ”The EU is, and will continue to be, a very important market for A.M. Best and we are fully committed to providing continuity of rating services throughout the member states post-Brexit. The planned establishment in Amsterdam will achieve this objective.”
A.M. Best’s plans may be adapted in light of future developments, including, for example, the outcome of transitional arrangements that may be agreed between the United Kingdom and the EU.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.