Lloyd’s has announced that it has started the process of hiring staff for its new Brussels subsidiary, in preparation for a January 2019 launch date, according to Lloyd’s Chief Executive Officer (CEO) Inga Beale.
Current vacancies include a number of roles across finance, operations, compliance, HR, and underwriting, all of which will be based in Brussels.
Announced by Lloyd’s in March 2017, the new re/insurance company in Brussels will ensure that Lloyd’s can continue to serve the European Economic Area (EEA) after the UK leaves the European Union (EU) in 2019.
Lloyd’s EU base in Brussels will be able to write all non-life risks from the EEA to ensure that its European partners continue to receive unrestricted access to the specialist policies of the Lloyd’s market.
Vincent Vandendael, Chief Commercial Officer at Lloyd’s, said: “I am pleased with this next step in the setting up of our operations in Brussels.
“Since the outcome of the UK Brexit referendum, Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations, our partners across the EEA will continue to have access to our specialist, innovative policies, and benefit from the security of the Lloyd’s market.
“Being at the heart of Europe will deliver many different advantages for our customers and provide an opportunity for us to continue to grow our business in the continent”.
Lloyd’s have indicated that the new Brussels Subsidiary will have 19 branches throughout Europe, including in the UK.
Additionally, Lloyd’s Brussels will be authorised and regulated by the National Bank of Belgium, and capitalised according to Solvency II rules.
