The UK and the US have agreed the text of an agreement that will ensure that their insurance and reinsurance sectors can continue to trade freely with one another after Brexit.

The move taken by HM Treasury, US Department of the Treasury and the Office of the UK Trade representative is a step towards preserving the benefits of the existing EU-US trade deal for UK firms.

According to the Treasury the next step is for the two countries to formally sign it.

Continuity

The statement from the