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April 24, 2018
The U.K.'s bid to grab part of the $88 billion market in insurance-linked securities may be in jeopardy unless British regulators speed up their approval of reinsurance entities, experts say. But while Bermuda may be the market leader in terms of speed of setup, the U.K. regime has certain useful features that will make it more competitive over time. Robert Cannon comments.
Excerpt from "Speedy Approvals a Must for UK Insurance-linked Securities Regime," SNL European Financials Daily, April 24, 2018:
"What we have got from multi-arrangement vehicles is tremendous," said Robert Cannon, London special counsel at law firm Cadwalader. "It is as good as what you would have in Bermuda, if not better. Where people are doing multi-arrangement vehicles, they are more willing to go through a longer time process to approve the vehicle in the first place."