Lloyd’s Insurance Company S.A. (Lloyd’s Europe) announced that it will close down European branch offices in Austria, Finland, and Poland, effective from July 31, 2023.
Instead, the company said it will only provide services to these locations, but just without a formal office in each location.
“…it will no longer provide non-life insurance business services on a Freedom of Establishment basis in Austria, Finland and Poland but will solely operate on a Freedom to provide Services basis.”
The National Bank of Belgium (NBB), acting as Lloyd’s Europe’s home supervisor, has confirmed its approval of this strategic change, which allows Lloyd’s Europe to pursue insurance and reinsurance opportunities in Austria, Finland, and Poland through open market placements and coverholders both within and outside these countries.
As part of the operational changes, Lloyd’s Europe will be closing its branch offices in Austria, Finland, and Poland following the termination of their Freedom of Establishment authorisations.
Power of Attorney granted to the current General Representatives in each respective country will also be terminated.
However, all (re)insurance business located in Austria, Finland, and Poland will continue to be managed from the Lloyd’s Europe head office in Brussels.
The company will maintain contact points through its offices in Germany for Austria, and Sweden for Finland, to support local policyholders and handle any necessary local requirements in these countries.
This change applies specifically to managing agents and coverholders placing business in Austria, Finland, and Poland on behalf of Lloyd’s Europe.
