Cover Genius is a leading global InsurTech with offices in London, New York and Sydney—their platform distributes regulated insurance policies in 60+ countries, 50 US states, and in 40 languages.
They partnered with us in early 2018 to put together a Brexit contingency plan, focusing on how Brexit would impact its insurance distribution from their UK base to EU member states.
We reviewed Cover Genius’ regulatory structure and use of passporting rights from the UK to the rest of Europe, and also explored other EU jurisdictions which they could set up a new regulated business—settling on the Netherlands as the chosen location.
We worked closely with them to establish ‘Cover Genius Europe’, and prepare its regulatory application to the Dutch AFM for authorisation as an underwriting agent and insurance intermediary in the Netherlands—securing their license on 12 April 2019.
Capital Law’s specialist Financial Services Regulation team led the project, with cross-team support from colleagues in Insurance and Corporate.
Oliver Woodhouse, a solicitor in the financial services regulation team, said:
It’s been a great experience to work with Cover Genius on this project – start to finish. Having established Cover Genius Europe and secured the Dutch licence, Cover Genius group is well prepared for Brexit (whatever the outcome may be!) and in a strong position to develop European partnerships and grow across all member states.
Graeme Dean, Managing Director of Cover Genius Europe / Head of Insurance at Cover Genius, said:
Capital Law took the time to understand what we were trying to achieve and then executed on the brief and supported throughout the project, quickly and efficiently. As with most high growth start-ups, speed is always of the essence, so we need a law firm to respond quickly.
Capital continues to provide Brexit advice to its clients (including InsurTechs and MGAs) ahead of 31 October 2019.
If you’re a European business in the UK, or UK business in Europe and stuck on the regulatory impacts of Brexit, we’re here to help—it’s never too late to implement an effective contingency plan!