After London, the next largest insurance/reinsurance hubs globally are Bermuda, Zürich and Singapore. Although London remains the largest market, recent years have seen faster growth for the Bermuda and Singapore markets.London Market Group (2020), op. cit.
Highlighting the international mobility of this business, the London Company Market reports that restructuring necessitated by Brexit has meant that £4.5bn premium income was lost to operations in the EU in 2019.The London Company Market covers that part of the London Market that is not in the Lloyd’s of London marketplace: IUA (2020), ‘London Company Market, Statistics report’, October, p. 20. While this is not a direct consequence of a change in governing law, it does highlight the potential for such transactions to move jurisdictions.