It’s official: Lloyd’s of London now has a subsidiary in Belgium.
The global insurance and reinsurance market said November 13 “marked an exciting new phase in its history” with the opening of its Brexit hub, which is the first Europe-wide operation for Lloyd’s. With its 19 European branches and workforce of nearly 100 people, Lloyd’s Insurance Company S.A. – Lloyd’s Brussels for short – will work with more than 400 coverholders and 40 Lloyd’s brokers.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Brussels writes all non-life risks from the European Economic Area (EEA). In the Belgian capital it is manned by 50 staff while the other 45 are based across the continent.
“Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business,” said Lloyd’s chair Bruce Carnegie-Brown. “Our decision to set up an insurance company in Brussels has provided certainty to our partners and customers throughout Europe, reassuring them that they can continue to benefit from Lloyd’s specialist expertise and financial security post-Brexit.”
Carnegie-Brown noted that they are already working with partners on 2019 policies and that Lloyd’s Brussels is now placing and processing European risks.
“Now that Lloyd’s Brussels is operational, we are looking forward to the new opportunities that we will have to grow our business with European customers through a locally staffed, locally regulated, and locally capitalised insurer,” he commented.
“By using electronic placement and digital data capture, Lloyd’s Brussels offers its partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way.”
Meanwhile all legacy EEA business will be moved to Lloyd’s Brussels before the end of 2020 through a Part VII transfer.