Lloyd’s is to open a new EU insurance company in Brussels, after the UK government triggered Article 50 earlier this week, commencing the two-year negotiation process that will end in its exit from the EU.
With the opening of the new company, planned to be ready to write business for 1 January 2019, Lloyd’s will continue to be able to write risks from all 27 EU member states and three European Economic Area states after the UK has left the EU.
The company will provide Lloyds customers and partners continued access to the innovative solutions of the Lloyd’s market.
Lloyd’s chief executive Inga Beale said: “It is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU.”
“Brussels met the critical elements of providing a robust regulatory framework in a central European location, and will enable Lloyd’s to continue to provide specialist underwriting expertise to our customers.”
“I am excited about the opportunities this venture will offer the market by providing that important European access efficiently.”
Lloyd’s has clarified that there will be no immediate impact on existing policies, renewals or new policies, including multi-year policies, written for at least two more years while the UK remains a full member of the EU.
