Lloyd’s has received licence approval from the National Bank of Belgium for its new Brussels subsidiary, Lloyd’s Insurance Company S.A. (Lloyd’s Brussels), and has named Vincent Vandendael as its Chief Executive Officer (CEO) ahead of a January 1, 2019 launch date.
Lloyd’s Belgium, which was announced in March 2017, will act as a new European base for Lloyd’s after the UK leaves the European Union (EU) in 2019.
The licence will allow Lloyd’s Brussels to write non-life risks from the European Economic Area (EEA), ensuring that Lloyd’s customers can continue to access the market’s specialist underwriting.
Inga Beale, Lloyd’s CEO, said: “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.
“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 benefitting from Lloyd’s specialist expertise, innovative policies and financial security post-Brexit.”
Lloyd’s also announced that Vandendael has been appointed as CEO of Lloyd’s Brussels, in addition to his current role as Chief Commercial Officer at Lloyd’s.
He commented: “Today marks an exciting next step in the setting up of our operations in Brussels. 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.”
Additionally, Johan Van Overtveldt, Belgium’s Minister of Finance, stated: “I am very happy to announce that the National Bank of Belgium has today officially granted a licence to Lloyd’s after a thorough due diligence process. 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 re-insurance.
“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.”
In April 2018, Lloyd’s announced that it had started the process of hiring staff for Lloyd’s Brussels, with vacancies across finance, operations, compliance, HR, and underwriting.
