Insurance marketplace Lloyd’s of London has ironed out the kinks in its Brexit continuity plan, announcing the receipt of final approval to transfer European Economic Area (EEA) policies to Lloyd’s Insurance Company SA (Lloyd’s Europe) in Belgium.
Approved by the High Court of England and Wales, the transfer is effective on December 30. It involves the market’s existing European business which, without the move, will be impacted by the loss of passporting rights due to the UK’s split with the European Union.
Brussels-based Lloyd’s Europe, which is authorised and regulated by the National Bank of Belgium, is able to write non-life risks from all 30 EEA countries. It maintains access to the Lloyd’s central fund and financial ratings through a reinsurance arrangement with Lloyd’s syndicates.
“We are delighted that the UK High Court and regulators in UK and Belgium have agreed to the transfer,” commented Lloyd’s general counsel and company secretary Peter Spires.
“Through Lloyd’s Europe, Lloyd’s policyholders across the EEA will continue to have their policies serviced following the end of the Brexit transition period.”