StarStone – Latest on Brexit
The United Kingdom’s planned departure from the European Union (EU) on 29 March 2019 will impact the way StarStone and the rest of the London insurance market will service business in the European Economic Area (EEA) and potentially further afield.
To ensure we continue to provide uninterrupted, equivalent service to our clients both in the EEA and around the world, StarStone, together with other Enstar Group entities, is working on a number of contingencies post-Brexit.
StarStone Insurance SE
StarStone Insurance SE (SISE) is domiciled in Liechtenstein and regulated by the Financial Markets Authority, and is rated A- (Excellent) by A.M. Best. It is licensed in all 27 EU and three EEA states.
As such, we do not anticipate Brexit impacting our Liechtenstein-based entity or business underwritten in Continental Europe. Due to the proposed loss of passporting rights, we are working to ensure continued service to UK-domiciled business via a new country branch of SISE in the UK. Registration of this branch is underway and will safeguard StarStone’s current service provision to UK clients.
As an established and fully licenced entity, SISE will also be a viable alternative to our Syndicate clients should the Lloyd’s Brussels subsidiary be deemed unsuitable for our clients’ needs.
Lloyd’s Business – Syndicate 1301
As of 1 January 2019, StarStone will be able to underwrite business through the Lloyd’s Brussels subsidiary (Lloyd’s Insurance Company S.A.). Lloyd’s Brussels is licensed in all 27 EU and three EEA states, and is authorised and regulated by the National Bank of Belgium and regulated by the Financial Services and Markets Authority. Lloyd’s Brussels has been assigned the same financial ratings as Lloyd’s from A.M. Best of A, Standard & Poor’s of A+ and Fitch of AA-.
StarStone will underwrite EEA-located business to a new Syndicate number of 5324, with business being 100% reinsured back to Syndicate 1301.
All non-EEA business will be underwritten via Syndicate 1301 in the current manner.