US insurers' EU ops unlikely to close after covered agreement: AM Best

The covered agreement granting US and EU reinsurers regulatory
equivalence is unlikely to lead to a dismantling of American
groups' European operations, according to AM Best.
The deal will mean that US reinsurers no longer need a local EU
presence to do business on the continent.
However, AM Best said: "There remains value in having a
local balance sheet and presence on both sides of the Atlantic, as
clients view this as a sign of long-term commitment to the market...