Lloyd’s Brussels given go ahead
International specialist insurance and reinsurance market Lloyd’s has announced that its plans for its new Brussels subsidiary, Lloyd’s Insurance Company, have been given the go-ahead by the National Bank of Belgium. Vincent Vandendael has been announced as its new CEO.
The plan for the new subsidiary was put into motion by the UK’s Brexit vote, and will allow Lloyd’s to write non-life risks from the European Economic Area (EEA).
“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 [our] unique offering,” Lloyd’s CEO Inga Beale said. “I am delighted that Lloyd’s has received regulatory approval for its new Brussels subsidiary. 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.”
The new subsidiary within the EEA will still have access to specialist Lloyd’s policies. Vandendael added: “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 while utilising the latest technology, expertise and talent available.”
It will be regulated by National Bank of Belgium and will commence operation on 1 January 2019.