Xenia is Brexit Ready
The UK has now officially left the European Union and its Transition Period ended on 31 December 2020. This has implications for our European Economic Area (EEA) based clients. Xenia is absolutely committed to ensuring that we can continue to provide our EEA clients with continuity of service.
We have worked with individual underwriters to fully understand the approach they are adopting. Most have invested in EEA domiciled entities and have restructured business models in order to ensure that cover can be continue to be written from within the EEA. The strategy of each market differs slightly and we are discussing options with our clients.
We are fortunate to be members of Astreos, a global partnership of specialist credit insurance brokers. In some cases our Astreos partners are already involved in the local servicing of credit insurance policies for subsidiaries of UK clients and are available to offer local support from within EEA.
In collaboration with our parent, Nexus we have also established a French based broker, Nexus Europe SARL (NES). NES is authorised and has the regulatory permission to carry out insurance broking activities throughout EEA. In the UK we have established a ‘reverse branching’ mechanism enabling Xenia staff to be seconded to NES UKB. In appropriate cases this new branch will also allow us to continue our existing relationships with our EEA clients after the end of the transition period.
For all our clients, whether located in the UK or EEA, we will ensure full and ongoing consultation with you in order to ensure services levels are maintained.