Information about Great Lakes’ Brexit preparations
In preparation of Brexit Great Lakes was already granted all necessary permissions to conduct business after Brexit, i.e. during the Transition Period after 31 January 2020 and – if no other agreement between the UK and the EU is ratified – during the following Temporary Permission Regime.
- Great Lakes UK operates as a UK branch of Great Lakes in London. In anticipation of Brexit and passporting no longer being permitted, Great Lakes has received confirmation from the PRA that the applications submitted by Great Lakes UK will be treated as the required notifications to enter the Temporary Permissions Regime after 31 December 2020.
- Great Lakes is a German registered insurance company, headquartered in Munich and regulated by BaFin. As such, the ability of Great Lakes to write insurance business within the EU/EEA will not be impacted by Brexit at all.
Great Lakes already allocates its business between the UK and the EU/EEA appropriately to be post-Brexit compliant, i.e.
- UK risks will continue to be underwritten by Great Lakes UK in London. We will continue to work with our clients in the same way we do today.
- Any EU/EEA risks presented to Great Lakes UK in London are written on Great Lakes paper in Munich. We aim to minimize the impact of this change of our underwriting process to our clients as much as possible.
- Multi-national policies which include both UK and EU/EEA risks need to be split and written by either Great Lakes in Munich or Great Lakes UK in London, as appropriate. We count on the co-operation of our clients and their brokers to present the respective risks split accordingly.
Thus, Great Lakes has taken all necessary steps to enable business continuity with our clients after Brexit.