Lloyd’s Insurance Company S.A. (Lloyd’s Europe) has announced its will provide non-life insurance business services on a Freedom to provide Services basis only in Lithuania and Malta from February 29, 2024.
According to the announcement, the National Bank of Belgium (NBB), as Lloyd’s Europe’s home supervisor, has confirmed it has no objection to the change.
The changes apply to managing agents and coverholders placing business in Lithuania and Malta on behalf of Lloyd’s Europe.
The Lloyd’s subsidiary in the European Union stated it will continue to pursue re/insurance opportunities in both countries through open market placements and through coverholders located both outside and within both Lithuania and Malta.
Managing agents in Lithuania participating through Lloyd’s Europe should note that following the termination of the Freedom of Establishment authorisation, the Power of Attorney given by Lloyd’s Europe to the current General Representative in Lithuania (Tomas Kontautas) will be terminated as from March 31, 2024.
The Lloyd’s subsidiary also noted that all re/insurance business located in the country written by Lloyd’s Europe will continue to be managed by its head office in Brussels.
The Nordics & Baltics Regional Manager at the Lloyd’s Europe office in Sweden will continue to be the Lloyd’s Europe contact point for local policyholders in Lithuania and will assist with any local requirements in the country.
In Malta, the Power of Attorney given by Lloyd’s Europe to the current General Representative in the country (Louis Cassar Pullicino) will be terminated as from March 31, 2024.
All re/insurance business located in Malta written by Lloyd’s Europe will also continue to be managed from its Brussels head office. The Country Manager for Malta will continue to be the Lloyd’s Europe contact point for local policyholders in Malta and will assist with any local requirements in the country.
Lloyd’s Europe added: “Managing agents should note the change in arrangements set out above and must ensure that where the General Representative in Lithuania and Malta is nominated to receive service of suit, the service of suit clause is adjusted and another nominee is chosen or if no nominee is chosen by the managing agent, proceedings are to be served on Lloyd’s Europe’s head office in Brussels.
“Any reference to the local address in Lithuania and Malta where Lloyd’s Europe general representative was domiciled should be deleted and replaced with the address of the head office in Brussels.”
