Lloyd's post-Brexit unit is established and operational
Lloyd's Brussels is a subsidiary of Lloyd's with 19 European branches, working with over 400 coverholders and 40 Lloyd's brokers spread across Europe. It was set up to ensure that customers and partners in the EEA continue to have access to Lloyd's world class services and expertise, while also facilitating continued growth and further digital transformation.
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.
"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", said Bruce CARNEGIE-BROWN, Lloyd's Chairman.
"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, 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."