EU, US strike deal to boost transatlantic insurance market

The deal needs approval from the European Parliament and US Congress

The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion transatlantic insurance and reinsurance market.

The accord has been under negotiation for more than a year and follows an agreement last year on derivatives.

US and EU representatives said in a joint statement they had reached a deal “that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the US and the EU.”

Under the deal, EU and US authorities will lift requirements for reinsurers to hold more capital against risks if