Following the UK's historic vote to leave the EU, numerous
questions have arisen, including whether the UK will really leave
the EU and whether Scotland and Northern Ireland (both of which
voted to remain in the EU) will have their own referendums to leave
the UK. At this early stage in the process, U.S. insurance
companies lack the information needed to make decisions. But they
have much to consider, including the following.
Domicile for European Business. Should
insurance companies immediately seek another EU country to domicile
their European business or take a wait-and-see approach? U.S.
companies that use London as their European base may find a move is
necessary to maintain unfettered access to the EU. As
English-speaking nations, Scotland and/or Northern Ireland may
become attractive options. Additionally, these two countries may
seek to enact tax and related legislation to entice companies from
London to their cities.
