London-based specialist insurer Tokio Marine Kiln (TMK) will remain committed to Europe despite the market uncertainties triggered by last week’s historic Brexit vote.
Company CEO Charles Franks said the Lloyd’s insurer will retain all current access to the EU markets for at least the next two years until the formal negotiations between the UK and the economic bloc are concluded.
“Therefore you have my assurance that TMK shall continue to service all of our clients and brokers as normal. So it is business as usual through into 2017,” he said in a message to business partners in the EU.
He ensured that the company “will find the best way” to serve its customers in Europe within the regulatory and legal framework that the UK and EU will form.
“TMK is committed to its long term business relationships on the continent and although the referendum result might be viewed as a setback, Europe will continue to be a key part of our business plans,” Franks said.
The UK’s decision to leave the EU has sent economic shockwaves, with a host of UK insurers taking a major hit as the referendum results pulled down their share prices.
Insurers, observers and leading firms have given mixed forecasts for the insurance industry following the Brexit vote. Some say the sector will weather the effects of UK’s departure from the EU, while others foresee a significant impact on the industry.
This week, Lloyd’s CEO Inga Beale weighed in on the issue, saying the market will be able to adapt to the post-Brexit environment.
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