Penny Hudson has spent many years working in Gibraltar obtaining authorisation for, and then running and managing, captives and agencies there. A familiar face at the Rendezvous de Septembre and other (re)insurance conferences, with global links and expertise, she joined Artex 4 years ago, since when she has spent two years working with the Malta office before returning to the UK to put her vast experience to work in compliance.
With her specialist background and knowledge of the (re)insurance laws and practice of these different locations, with significant (re)insurance players, likely to be substantially impacted by Brexit, she talked to AirSP about the problems, risk and opportunities as Brexit draws closer. She explained how, so far as possible, the problems can be avoided, the risks managed and the opportunities taken by those seeking to do business in the UK and the EU in the years to come.
Since no-one yet knows the parameters of the UK’s future relationship with the EU in (re)insurance, obviously precautions need to be taken. Both regulatory regimes (‘equivalence’ was mentioned in her speech and in much audience participation) and market access need careful assessment, and continuing monitoring as negotiations move forward.
With nimble footwork and astute assessment, in which these smaller jurisdictions excel, and with the talent that they have, Penny believes and convinced her audience not only that the UK market should continue to thrive but also that Malta and Gibraltar will be able to accommodate to, and still have a valuable role, in the market in the future. They will continue to provide a launch’ platform for those wishing to insure risks in the EU and the UK.
The watchword is: adaptability. We shall all have to adapt to the new regimes and relationships which Brexit will create. Malta and Gibraltar have the skills, and the (re)insurance base to be in the fore-front of the players doing so, and should remain players of whom everyone should take account.