2 March 2018Analysis

AM Best to open Amsterdam office in post-Brexit contingency plan

Ratings agency AM Best has revealed plans to establish an office in Amsterdam, the Netherlands, in 2018 as part of its Brexit contingency plan.

AM Best's London-based subsidiary, AM Best Europe Rating Services, is currently registered with the European Securities and Markets Authority (ESMA) in Paris, which allows it to provide rating services throughout the European Union (EU) on a cross-border basis.

However, the ratings agency suggested for it to continue to provide ratings to be used for regulatory purposes post-Brexit on 29 March  2019, it will need to have a registered operation within the remaining 27 EU countries.

AM Best selected Amsterdam, believing it to be a well-established financial centre with an excellent talent pool and transportation links to all major European locations where its clients are based.

The London office will continue to act as AM Best's hub for the EMEA region.

"The EU is, and will continue to be, a very important market for AM Best and we are fully committed to providing continuity of rating services throughout the member states post-Brexit. The planned establishment in Amsterdam will achieve this objective," said Roger Sellek, chief executive of AM Best's Europe, Middle East and Asia Pacific operations.

The ratings agency noted that its plans may be adapted in light of future developments, including, for example, the outcome of transitional arrangements that may be agreed between the United Kingdom and the EU.