Aon’s Brexit solution for Aon Underwriting Managers
Managing General Agents (MGAs) represent a significant part of Aon’s business both in EMEA and globally. Several of these operate under the One Underwriting brand. In the UK, Aon Underwriting Managers (AUM) underwrites a number of UK Retail and International facilities, including Aon Client Treaty. Following the UK’s decision to exit the EU, AUM will no longer benefit from passporting and will be unable to act as Coverholder for EEA risks. To ensure continuity for Aon clients we have established a UK Branch of One Underwriting B.V, Aon’s MGA in the Netherlands, to operate as an EEA Coverholder on risks presented by Aon brokers. As an MGA, One Underwriting B.V will be authorised by insurer(s) to transact defined insurance business through its UK Branch on the insurers’ behalf.
How will One Underwriting B.V (UK Branch) operate?
Where the client is domiciled in an EU/EEA territory, One Underwriting B.V (UK Branch) will handle the entire placement. This is intended to simplify matters for clients.
- For all clients domiciled in the EU/EEA, One Underwriting B.V (UK Branch) will manage all exposures inside the EU/EEA and outside the EU/EEA.
- For all clients domiciled outside the EU/EEA, AUM will manage all exposures inside the EU/EEA and outside the EU/EEA.
As mentioned above, One Underwriting B.V (UK Branch) will operate as a branch of One Underwriting B.V in the Netherlands. Throughout the development period we consulted regularly with the Financial Conduct Authority and the Dutch regulator, the Authority for the Financial Markets (AFM), we have obtained the required authorisations and permissions for the One Underwriting B.V (UK Branch). This model is in line with the guidance issued by the European Insurance and Occupational Pensions Authority (EIOPA) on February 19, 2019 to EU regulators.
For more information, please contact your regular Aon contact, or email Andrew Barnes, Head of One Underwriting B.V (UK Branch).