Authorised by the National Bank of Belgium Lloyd’s Brussels, the specialist insurance market’s first Europe wide operation is now officially operational.
Lloyd’s Chairman, Bruce Carnegie-Brown, said: “Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business. 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 Lloyd’s specialist expertise and financial security post-Brexit. We are already working with our partners on 2019 policies, and Lloyd’s Brussels is now placing and processing European risks. By using electronic placement and digital data capture, Lloyd’s Brussels offers its partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way.”
Lloyd’s Brussels (Lloyd’s Insurance Company S.A.) is a subsidiary of Lloyd’s with 19 European branches, working with over 400 coverholders and 40 Lloyd’s brokers spread across Europe. The company is established and operational, with an executive committee and board and 50 staff based in the Belgian capital as well as 45 other staff across the continent.
The Corporation also recently announced that Lloyd’s underwriters would continue to pay all valid claims regardless of the result of the Brexit negotiations, and that it will be moving all legacy EEA business to Lloyd’s Brussels before the end of 2020, via a Part VII transfer.