A.M. Best plans to launch an Amsterdam office in 2018 as part of its Brexit contingency plan.
The ratings agency is currently registered with the European Securities and Markets Authority (ESMA) in Paris through its London-based subsidiary A.M. Best Europe Rating Services, which allows it to provide its rating services throughout the European Union (EU) on a cross-border basis.
Post-Brexit, A.M. Best will need to have a registered operation within the EU to continue to provide ratings to be used for regulatory services.
As a well-established financial centre with an excellent talent pool and transportation links to major European locations, Amsterdam closely matches the ratings agency’s strategic priorities.
A.M. Best’s London office will continue to act as its hub for the Europe, Middle East, Africa (EMEA) region.
According to the ratings agency, these plans are open to adaptation dependent on future developments, such as any future agreement agreements between the UK and EU.
Roger Sellek,CEO of A.M. Best’s EMEA and Asia Pacific operations, said: “The EU is, and will continue to be, a very important market for A.M. Best and we are fully committed to providing continuity of rating services throughout the member states post-Brexit.”
“The planned establishment in Amsterdam will achieve this objective.”