The latest list of Brexit casualties is a sobering reminder of what lies in store for Britain
A comprehensive list of companies preparing to leave the UK after Brexit has been making the rounds on social media as Theresa May enters final negotiations with the EU, and makes for a sobering reminder of what lies in store for Britain.
Many major industries face a significant shock when the country’s divorce from the European Union is delivered, with news that a $240-billion-a-day market is set to leave London for Amsterdam one of many devastating blows to the economy.
And now the trail of destruction has been laid bare in full thanks to an extensive thread posted by Edwin Hayward.
Here’s how the current casualty list looks as things stand:
- Steris PLC, a company with $2.6 billion in annual revenue, is planning to redomicile from the UK to Ireland due to Brexit.
- Chubb (the world’s largest publicly traded property and casualty insurance company) is redomiciling from the UK to France. It has already received permission from the french regulator, and aims to complete its move on 1 January 2019.
- Columbia Threadneedle has switched £6.2 billion worth of assets from UK domiciled funds to Luxembourg domiciled funds.
- Liberty Specialty Markets is redomiciling its insurance company from the UK to Luxembourg.
- Admiral Group is planning to move some of its UK business from Admiral Insurance Company Limited to an entity in Spain.
- A ferry company has brought in 2 new ships, including a “Brexit Buster” ship, to bypass the UK and send freight directly from Ireland to Belgium and Spain.
- SwissQuote has cancelled its expansion plans in London after Brexit, and instead bought a bank in Luxembourg.
- STM Life moving part of its business from Gibraltar to Malta to guard against the effects of Brexit.
- JPMorgan and other leading US banks are getting ready to shift over 250 billion euro in assets from London to Frankfurt.
- XL Insurance Company SE (a company writing over £2 billion/year in insurance premiums) is moving from the UK to Ireland in January 2019 due to Brexit.
- Royal & Sun Alliance Insurance plc is moving approximately 6 per cent of its insurance and reinsurance business to a new legal entity in Luxembourg, with the intention that the move be effective 1 January 2019.
- AIG are restructuring their business because of Brexit, and moving all non-UK business to a Luxembourg entity.
- European Medical Agency (EMA), Europe’s medicines regulator, is moving from London to Amsterdam.
- France’s top banks are moving 500 jobs out of London due to Brexit.
- Tokio Marine Group is using a “Part VII transfer” to transfer business from two UK-based subsidiaries to a Luxembourg entity.
- QBE Limited is reorganising the affairs of several of its group companies, using the Part VII mechanism, in order to be ready for Brexit.
- XTX Markets is establishing a new office in Paris for post-Brexit trade.
- Credit Suisse is moving 250 jobs to Germany, Madrid and elsewhere in the EU27, including Luxembourg.
- Schaeffler, a car parts company, is closing two UK factories, in Llanelli, Wales, and Plymouth (affecting 570 jobs) because of Brexit.
- MS Amlin has received the green light to redomicile Amlin Insurance SE from the UK to Belgium.
- Hiscox are transferring some aspects of their business to Luxembourg, and expect the Part VII transfer to complete by 1 January 2019.
- Barclays is moving €250 billion of business to Dublin ahead of Brexit, making it Ireland’s largest bank.
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