BREXIT - FREQUENTLY ASKED QUESTIONS

With effect from 1st October 2020 all business emanating from the EU must be placed into Lloyd's Brussels via an EU regulated entity. As Citynet are not an EU regulated entity, all risks placed with Lloyd's insurers will be handled by our newly formed UK branch of Optis Insurances Ltd, who along with Citynet are part of the PIB Group.

 

What about my Non-Lloyds Business?

At this time, these changes only effect risks placed with Lloyd's Syndicates. Any risks placed into Non-Lloyd's company markets will be unaffected and will continue to be transacted through Citynet in the usual way. Please see below* a list of which insurers with be dealt with through Optis.

 

Who are Optis Insurances?

Optis Insurances Limited is a wholesale intermediary, operating from and regulated in Ireland and both Citynet and Optis are part of the PIB Group of companies. Many of our customers already trade with and have a Terms of Business Agreement (ToBA) in place with Optis. If you do not currently have a ToBA with Optis please contact Andy Reason to arrange same. The Central Bank of Ireland have approved the use of a new Optis Insurances UK branch, which will function from the same office building as Citynet at 71, Fenchurch Street. For more information on Optis, or to enquire about entering into a ToBA with the firm, please email info@optis.ie or contact them on +353 46 9481667.

 

How will I place new business & renewals

Optis Insurances have entered into Terms of Business Agreements with our existing insurer trading partners to ensure that they will have access to the same products and providers currently offered by Citynet. Existing Citynet staff will be moving into the Optis Branch to deal with your business in the usual way, so there will be very little change in how you place your business into Lloyd's. If you have any specific questions, please contact your Account Executive who will be happy to help.

 

Are Lloyd's Insurers ready?

Citynet have been in consultation with all our Lloyd's insurer partners for some time now and all are in a position to continue trading after 1/10/2020. We have confirmed Brexit plans for all insurers.

 

Who will I deal with?

To ensure continuity of our service, your existing Citynet contact will be transferred to Optis Insurances and will continue to service your clients through that firm.

 

What about my other London business?

Citynet and Optis have been working hard in the background to ensure continuity of service for you and your clients.  We have developed a clear plan which meets all regulatory requirements to comply with the imminent changes in regulation. If you are concerned that other wholesalers may not have a sufficiently robust mechanism or you have not heard from them, we would be delighted to assist you in finding a solution.

 

Do I need to take action?

At this stage there is nothing for you to do. Citynet and/or Optis will be in touch regarding your Lloyd's renewals and you should continue to send your new business enquiries into your regular point of contact.

 

For more information about the above, please contact any of our staff listed below:

 

Mark Crisp – Branch Manager & Head of PI - E: mark.crisp@optis.ie

Andy Reason – Head of Property & Casualty - E: andy.reason@optis.ie

Martin McHale – Account Executive - E: martin.mchale@optis.ie

Sam Galbraith - Account Executive - E: sam.galbraith@optis.ie

Anthony Purves - Account Executive - E: anthony.purves@optis.ie

Danny Whitehead – Broker - E: danny.whitehead@optis.ie

Louie Toye – Broker - E: louie.toye@optis.ie

Mandy Palin – Account Handler - E: mandy.palin@optis.ie

Alex Broggio – Account Handler - E: alex.broggio@optis.ie

Kai Walton – Account Technician - E: kai.walton@optis.ie

Tom Gibbons – Account Technician - E: tom.gibbons@optis.ie

Charlie Morrison – Underwriting - E: charlie.morrison@optis.ie

Elizabeth Cummings – Motor Fleet - E: elizabeth.cummings@optis.ie

 

*FOR EASE OF REFERENCE, BELOW IS A LIST OF OUR MOST COMMONLY USED MARKETS THAT ARE AFFECTED BY THE LLOYD'S TRANSFER. PLEASE NOTE THE RULE APPLIES TO ALL BUSINESS PLACED WITH ANY LLOYD'S SYNDICATE WHETHER LISTED BELOW OR NOT SO PLEASE BEAR THAT IN MIND WHEN SUBMITTING RISKS.

  1. QBE (ALL CLASSES)
  2. ASPEN
  3. AXA/XL
  4. SYNDICATE 2525
  5. AXIS
  6. NEWLINE