Lloyd’s Europe, formally known as Lloyd’s Insurance Company S.A., will be closing its branches in Austria, Finland, and Poland following the withdrawal of the freedom of establishment authorisation in those countries.
In a market bulletin, Lloyd’s Europe said: “Lloyd’s Insurance Company S.A. would like to inform the market that from July 31, 2023, it will no longer provide non-life insurance business services on a freedom of establishment basis in Austria, Finland, and Poland but will solely operate on a freedom to provide services basis.
“The National Bank of Belgium, as Lloyd’s Europe’s home supervisor, has confirmed it has no objection to the change.
“Lloyd’s Europe continues to pursue insurance and reinsurance opportunities in Austria, Finland, and [Poland] both through open market placements and through coverholders located both outside and within Austria, Finland, and Poland.”
Accordingly, not only will the three branches close but the power of attorney given to the general representatives will be terminated as well. The power of attorney given by Lloyd’s Europe to Witold Janusz in Poland was terminated on July 31, while the date for Austria’s Ralph Hofmann-Credner and Finland’s Janne Lauha is September 30.
According to Lloyd’s Europe, all (re)insurance business that it writes in Austria, Finland, and Poland will be managed from the Lloyd’s Europe head office in Brussels.
Meanwhile the country manager at the Lloyd’s Europe office in Germany will be the Lloyd’s Europe contact point for Austrian policyholders. For policyholders in Finland, the new Lloyd’s Europe contact point is the country manager at the Sweden office. No such info was provided for Poland.
“Managing agents should note the change in arrangements… and must ensure that where the general representative in Austria, Finland, and Poland is nominated to receive service of suit, the service of suit clause is adjusted and another nominee is chosen; or if no nominee is chosen by the managing agent, proceedings are to be served on Lloyd’s Europe's head office in Brussels,” Lloyd’s Europe said.
Additionally, any reference to the local address in the three countries should be deleted and replaced with the address of the Lloyd’s Europe Belgian headquarters.
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