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<\/p>\nAM Specialty Insurance Company (UK) (ASIC UK) has now been authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to conduct regulated insurance activities in the UK, becoming the first insurer to be authorised under the authorities\u2019 accelerated authorisation pathway, this publication can reveal.<\/p>\n
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The approval enables ASIC UK to begin underwriting across selected specialty lines as an authorised insurance company and operate under the UK\u2019s prudential and conduct supervisory frameworks.<\/p>\n
ASIC UK says that being permitted under the accelerated authorisation pathway reflects its robust governance framework, operational readiness, and commitment to meeting the highest regulatory standards.<\/p>\n
UK regulatory authorisation confirms that the insurer meets the rigorous PRA and FCA Threshold Conditions, ensuring that ASIC UK operates with the highest standards of financial stability, governance, operational resilience, and customer protection.<\/p>\n
Shevawn Barder, AM Specialty\u2019s Group Chief Executive Officer, commented on this important milestone: \u201cThis regulatory authorisation marks a significant milestone in AM Specialty\u2019s international expansion and reinforces our commitment to building a fully compliant, operationally resilient insurance platform in the UK. The PRA and FCA approval is a testament to the quality of our governance arrangements, financial resources, and operational capabilities.\u201d<\/p>\n
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<\/a><\/div>\n<\/div>\nDarren Powell, Chief Executive Officer of ASIC UK, said: \u201cWe are delighted to have achieved this important milestone. Securing PRA and FCA authorisation allows us to begin underwriting in the UK with the assurance that we meet all regulatory requirements and operate to the highest standards of governance and conduct. I look forward to leading our UK team as we bring AM Specialty\u2019s disciplined underwriting approach and innovative specialty solutions to the UK market.\u201d<\/p>\n
ASIC UK, part of AM Specialty Insurance Group, will operate from its London home to support the Group\u2019s strategic expansion into the UK and London Market.<\/p>\n
The newly authorised insurer\u2019s regulatory framework includes an independent Board, appointed Senior Management Function (SMF) role-holders under the Senior Managers and Certification Regime (SM&CR), and a comprehensive risk, compliance, and reporting structure aligned to PRA and FCA expectations.<\/p>\n
In response to the authorisation, Dame Susan Langley, Lady Mayor of the City of London, highlighted the importance of the firm\u2019s investment for London\u2019s global financial leadership, stating: \u201cAM Specialty Insurance Company is a major player in global risk management. Their decision to set up a UK presence is a real vote of confidence in London\u2019s role as a world-leading centre for insurance and financial services.<\/p>\n
\u201cMoves like this really matter. They show that when leading firms weigh up where to build their next chapter, they\u2019re choosing here and not there. London offers depth, talent, and a level of connectivity that\u2019s hard to beat. And with the UK\u2019s streamlined authorisation pathway, led by the new Office for Investment: Financial Services, we\u2019re making it even easier for world-class companies to get up and running.\u201d<\/p>\n
Minister for Investment, Lord Stockwood, also commented on AM Specialty\u2019s growth: \u201cThe UK is a thriving hub for financial services, and AM Specialty\u2019s investment will help cement the UK\u2019s position as a leading destination for global investment.<\/p>\n
\u201cWith financial services identified as a key growth sector in our modern Industrial Strategy, AM Specialty is backing our aim to make the UK the number one destination for financial services by 2035, boosting economic growth and opportunities across the country.\u201d<\/p>\n
Further, Chris Hayward, Policy Chairman for the City of London Corporation, welcomed this regulatory development from an industry standpoint, saying: \u201cI want to warmly welcome ASIC to London, bolstering the UK\u2019s position as the world\u2019s leading specialist and commercial insurance market.<\/p>\n
\u201cIt is encouraging to see regulators deliver the first insurance approval through the UK\u2019s accelerated authorisation pathway through the new Office for Investment: Financial Services, a partnership between the City of London Corporation, regulators and government. This milestone underscores our commitment to growth and sends a clear message to firms worldwide that the UK is open for business.\u201d<\/p>\n
Additional support for the insurer\u2019s expansion also came from the UK Department for Business and Trade, with Hayden Boilini, Director of Financial & Professional Services, North America, underlining the collaborative effort that supported the Group\u2019s entry into the UK market: \u201cWe are proud to have supported AM Specialty Insurance in accelerating their UK expansion, in collaboration with the Office for Investment: Financial Services team. This investment reinforces the UK\u2019s position as a leading global hub for insurance and innovation. Our Financial and Professional Services team in the U.S. and Canada is committed to helping firms expand into the UK, driving investment and unlocking growth opportunities.\u201d<\/p>\n
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Front row (left to right):<\/p>\n
Dominic Cashman<\/strong>, FCA \u2013 Director of Authorisations Back row (left to right):<\/p>\n Grant Miller<\/strong>, ASIG General Counsel The post AM Specialty Insurance Company obtains UK regulatory authorisation<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" AM Specialty Insurance Company (UK) (ASIC UK) has now been authorised by the Prudential Regulation…<\/p>\n","protected":false},"author":1,"featured_media":1253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/posts\/1251"}],"collection":[{"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/comments?post=1251"}],"version-history":[{"count":3,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/posts\/1251\/revisions"}],"predecessor-version":[{"id":1256,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/posts\/1251\/revisions\/1256"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/media\/1253"}],"wp:attachment":[{"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/media?parent=1251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/categories?post=1251"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/goldanker.club\/index.php\/wp-json\/wp\/v2\/tags?post=1251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nDame Susan Langley<\/strong>, Lady Mayor of the City of London
\nShevawn Barder<\/strong>, ASIG CEO
\nChris Hayward<\/strong>, City of London Policy Chairman
\nRahul Ahluwalia<\/strong>, Office of Investment CEO<\/p>\n
\nDarren Powell<\/strong>, ASIC UK CEO
\nOlivia Barder<\/strong>, ASIG COO
\nSimon Barder<\/strong>, ASIG Chairman
\nAnastasia Nishnianidze<\/strong>, City of London Trade and Investment Director<\/p>\n