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Moving clients from one unrated Danish insurer to another run by executives who were previously at Alpha seems a very risky option. The reason for the move is presumably that no rated insurer will write the the business at the same price. This distorts the market by UK insurers not being able to compete at the unrealistic premium levels. PRA says it has no powers to regulate European insurers and the FCA seems to take no action. The UK insurance industry ends up bearing the cost of through the FSCS. The sooner Brexit prevents this unfair completion from European insurers the better.

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