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Barents Reinsurance fined GBP1.79 million over post-Brexit regulatory failings

( July 28, 2025, 12:11 GMT | Official Statement) -- MLex Summary: The London branch of Barents Reinsurance S.A. has been handed a 1.79 million pound-fine by the Prudential Regulation Authority "for failing to organize and control its affairs responsibly and effectively, as well as governance and regulatory reporting failures." The watchdog said that the reinsurer, headquartered in Luxembourg, failed to adequately prepare for the post-Brexit regulatory requirements in the period from July 2021 to October 2023. This is the first time the PRA has fined a firm operating purely as a reinsurer.  Statement is attached....

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