An Update Regarding EEA Transactions and Swiss Business
Due to the loss of passporting rights following Britain's withdrawal from the EU, Marsh Private Clients will be unable to continue to service its existing EEA based clients from their next renewal in 2021, and will not be taking on new EEA based clients, with effect from 1 June 2020.
Clients with a UK presence
Marsh Private Clients is able to provide intermediary services to any clients who have a UK presence (such as a UK correspondence address and UK bank account). If a client does not have a UK presence, we will no longer be able to provide our services.
How does this affect our existing EEA clients?
We will be unable to provide our insurance mediation services to you from your next renewal in 2021. Please be assured that all cover remains in place until then and we will be in touch prior to your renewal date to remind you of these changes. It is our intention to renew existing client's policies, due for renewal before 31 December 2020, where this is possible.
If you have a UK presence, as described above, please contact your usual Marsh contact to discuss the necessary changes to allow us to continue to provide you with our insurance services.
Changes to Swiss Business
Following a restructure of our business, we no longer have FINMA (Swiss Financial Market Supervisory Authority) regulated resource available to us in order to conduct "Swiss Business".
We define Swiss Business as having one or more of the following characteristics; irrespective of the method by which, or place in which, the policy is effected:
- The policyholder is domiciled in Switzerland, or
- The contract insures a person domiciled in Switzerland, or
- The contract insures property situated in Switzerland (this includes vehicles, aircraft and vessels that generally operates in, or are physically present in Switzerland).
How does this affect our existing Swiss Business clients?
We will be unable to provide our insurance mediation services to you from your next renewal date. Please be assured that all cover remains in place until then and we will be in touch prior to your renewal date to remind you of these changes.
If you have any concerns you would like to raise, or would like to understand more about our approach, please do not hesitate to contact your usual Marsh contact, or call 0333 305 3743.