The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced their intent to sign a Bilateral Agreement between the United States of America and the United Kingdom on Prudential Measures Regarding Insurance and Reinsurance (U.S.-UK Covered Agreement).

Responding to the announcement Dave Matcham, chief executive of the International Underwriting Association, said: "The IUA warmly welcomes the US Treasury’s announcement that it intends to sign a US-UK covered agreement. This move is the result of close cooperation between regulators on both sides of the Atlantic and provides important certainty for companies as they look to service their clients’ needs post Brexit. It reflects both the strong trading relationships between the London Market and the US and the international nature of our industry."