On December 19, 2018, the United States and the United Kingdom jointly announced the signing of a “covered agreement” between the United States and the United Kingdom on insurance and reinsurance prudential measures. The United States and the European Union signed a nearly identical covered agreement on September 22, 2017. In anticipation of the United Kingdom’s pending exit from the European Union, this new covered agreement is designed to mirror the U.S.-EU covered agreement to ensure the terms of the U.S.-EU covered agreement will apply between the United States and the United Kingdom following Brexit.