Pulse Brexit Update – November 2020
Pulse Insurance has served its European domiciled clients for over 20 years and will continue to do so, however Brexit has created some short-term challenges in how we do business with these clients.
We have been working hard to resolve those issues over recent months and following EIOPA’s recommendation 9 Pulse has been discussing options with a specialist broker based in Belgium, Classic Financial Solutions (“CFS”), that has all of the requisite licences and passporting permissions to do business in Europe.
CFS has been established for 25 years and has a strong trading record. The broker’s management team, Graham Reid and Alan Blaskiewicz, see an arrangement with Pulse as being mutually beneficial.
We have therefore agreed a strategic partnership with CFS that will allow us to continue trading in Europe and to continue to support our European customers. CFS has now established a branch in the UK and has been approved under the FCA’s Temporary Permissions Regime. Pulse will acquire a majority shareholding in CFS and Joe Balsom, Pulse’s Head of Specialty, will be seconded to work for CFS. Pulse’s regulated European business will be transacted by CFS with affect from 1st January 2021.
Graham Reid, Managing Partner of CFS said, “I am delighted that we have agreed a way of working with Pulse that will be to everyone’s advantage and which should offer exciting opportunities for growth.”
Joe Balsom, Head of Specialty, said “I am looking forward to working with Graham and Alan to develop our niche capabilities in Europe and support our existing customers.”
For more information please contact our team:
firstname.lastname@example.org or call the team on 01280 841430.