Lloyd’s of London’s European subsidiary, Lloyd’s Insurance Company (Lloyd’s Brussels), has received licence approval from the National Bank of Belgium.
The licence authorises the Brussels-based subsidiary to write non-life risks for all 27 EU member states and three European Economic Area (EEA) states after the UK has left the EU.
Lloyd’s Brussels was set up after the UK government triggered Article 50 in March 2017, with the purpose of providing Lloyd’s customers and partners with continued access to the innovative solutions of the Lloyd’s market.
The company, which is regulated by the National Bank of Belgium and fully Solvency II complaint, will start writing business from 1 January 2019.
Vincent Vandendael will become add the role of Lloyd’s Brussels CEO to his current responsibilities as Lloyd’s COO.
According to Vandendael, the approval marked an exciting step in the development of their Brussels operations.
He added: “The new subsidiary will mean that our customers within the EEA continue to have access to Lloyd’s specialist policies, and it will also provide us with opportunities to continue to grow our business on the continent.”
“Lloyd’s Brussels will be at the forefront of our modernisation drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd’s whilst utilising the latest technology, expertise, and talent available.”
Lloyd’s CEO, Inga Beale, said: “This will deliver certainty for all our customers, reassuring them they can continue benefiting from Lloyd’s specialist expertise, innovative policies, and financial security post-Brexit.”
“Since the UK referendum on EU membership, Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations our partners across the EEA will continue to enjoy access to Lloyd’s unique offering.”
Belgium minister of finance, Johan Van Overtveldt, stated: “By establishing an insurance company in Brussels, Lloyd’s will significantly strengthen Brussels as a financial centre and build a bridge to London for specialised insurance and reinsurance.”
He continued: “We are looking forward to welcoming more London-based insurance companies and brokers to Brussels, which lies at the heart of Europe and is home to the main European decision-making centres.”