In news that may bring the hard reality of Brexit home to some, Lloyd’s of London’s Brussels is officially operational. The global insurance and reinsurance market has marked ‘an exciting new phase in its history’, with its new Belgium-based Brexit hub open for business as of 13 November.
Authorised and regulated by the National Bank of Belgium and comprised of 19 European branches and a 100-strong workforce, Lloyd’s Brussels represents the first Europe-wide operation for the market. It will write all non-life risk from the European Economic Area.
“Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business,” commented Bruce Carnegie-Brown, Chair of Lloyd’s. “Our decision to set up an insurance company in Brussels has provided certainty to our partners and customers throughout Europe, reassuring them that they can continue to benefit from [our] specialist expertise and financial security post-Brexit. Now that Lloyd’s Brussels is operational, we are looking forward to the new opportunities that we will have to grow our business with European customers through a locally staffed, locally regulated and locally capitalised insurer. By using electronic placement and digital data capture, [we] offer [our] partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way.”
All legacy European Economic Area business will transfer to Lloyd’s Brussels by the end of 2020 via Part VII transfer.