Grasping the Brexit Challenge by the Horns
London-based intermediary OneAdvent, opens a subsidiary in Hamburg, Germany to strengthen its European business activities post-Brexit.
In response to the ongoing UK-EU negotiations and anticipated challenges regarding market access for the financial services industry, OneAdvent has established a German subsidiary to enable the continued insurance distribution activities of its MGAs in Europe.
ASM OneAdvent Europe GmbH, located in Hamburg, will allow OneAdvent’s motorsports and financial lines MGAs to service their current clients and look to expand their European footprint. The company will be continuing to wholesale business back into London from Sweden, Poland, the Netherlands and other European countries.
Recent research from think tank New Financial, indicates more than 400 UK financial services firms have already relocated some or all of their business in response to Brexit. In partnering up with KASKO, a UK insurtech, who offer an off-the-shelf Brexit solution, OneAdvent has been able to tackle the key challenges related to loss of passporting rights and execute a commercially viable strategy.
Tim Quayle, MD of OneAdvent explained
“With the end of the transition period in sight we knew we had to act quickly and proactively to get everything in place. Our German subsidiary facilitates our growth plans, as well as guaranteeing we meet our governance, compliance and operational obligations set out by the FCA and EU local legislators. We are delighted that we remain open for business in Europe.”
Nikolaus Suehr, CEO and Founder of KASKO, added
“Germany has a strong regulatory and economic reputation, making it the perfect place to set up a European subsidiary. We originally set up the same structure for ourselves to gain faster market access via a German entity and realised that this solution could be relevant for UK-based MGAs and brokers who want to continue to serve their EU clients in a compliant fashion, without breaking the bank.
With this new German subsidiary, OneAdvent now has established infrastructure in the UK, US, Ireland and Malta, as well as access to Lloyds, both as a broker and coverholder.
For more information, please contact Tim Quayle on [email protected]
Focused on getting innovative insurance businesses to market – and fast – OneAdvent provides a springboard for growth across the industry. Operating as an MGA platform, Lloyds broker and niche product distribution business, OneAdvent brings its sector expertise and technical know-how to bear for established industry players and entrepreneurial start-ups around the world.