Britain’s exit from the European Union should not affect free access to Europe by Bermudians, the Governor said yesterday.John Rankin told the Hamilton Rotary Club that visa-free travel in Europe will be retained for British Overseas Territory citizens even after the transition period ends on December 31, 2020.He said: “At the moment, BOTC passport holders enjoy visa-free access to the Schengen area of 26 EU member states.“That 90-day visa-free access will not change. It will remain both during the implementation period and thereafter. So there is no effect on the ability of British Overseas Territory Citizens to travel to Europe as they now do.”Mr Rankin added that British passport holders would be able to continue to live and work in the EU under membership access terms until the end of the transition period.He said Brexit would also not affect Bermuda’s Solvency II equivalence status, vital to allow Bermudian-based reinsurers to write policies for European markets.Mr Rankin added: “Solvency II equivalence for Bermuda’s reinsurance industry exists independently of UK membership of the EU and will continue. “In that respect, Bermuda will retain its own important relationship with European insurance companies, which benefits both people in the EU, and the people of Bermuda, alike.”Mr Rankin said: “Bermudian- based reinsurers write some 20 per cent of European property catastrophe reinsurance and in the past 20 years have paid over $72 billion to EU policyholders.“So there is every reason for believing that Solvency II equivalence, backed by excellent regulation under the Bermuda Monetary Authority, will continue for the future.”Mr Rankin added that Bermuda did not get EU subsidies, so the island’s bottom line would not be affected, and tariff changes would have little effect because the country exported very little to Europe.He added that he would continue to represent Bermuda’s interests to the UK and that Lord Ahmad, the UK minister with responsibility for the Overseas Territories, had pledged that the priorities of Britain’s territories would be considered in negotiations with the EU.Mr Rankin said: “While there may be challenges ahead, there are also opportunities of which I believe Bermuda is well placed to take advantage as this island continues to meet and beat the highest international regulatory standards. “The recent Caribbean Financial Action Task Force assessment of Bermuda, placing us top of the class in the region and beating most other countries globally in our measures to combat money laundering and terrorist finance, is testament to what has been and can be achieved by Bermuda.”