Artemis ILS NYC 2019

Menu

Reinsurance News

Lloyd’s commits to pay all valid claims in no-deal brexit scenario

10th October 2018 - Author: Charlie Wood

Lloyd’s has announced that it is working towards the transfer of all European Economic Area business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer.

brexitIn the event that the UK leaves the European Union before then with no transition or implementation period, Lloyd’s underwriters will continue to honour their contractual commitments including the payment of valid claims.

Following Britain’s vote to leave the EU and the subsequent lack of clarity and uncertainty surrounding the future of the financial services sector, numerous companies have established hubs in remaining EU member states in order to ensure continuity in a post-Brexit world.

Lloyd’s anticipates to have the support of all European regulators but, in the event that it does not Lloyd’s will direct its underwriters, or take such other steps, to ensure that contractual commitments are met in full whilst the transfer is being completed.

Lloyd’s approach has the full support of the UK’s Financial Conduct Authority, while Lloyd’s Brussels is authorised to write all EEA business from 1 January 2019.

Recent Reinsurance News

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Fast-moving Hurricane Michael will be the reverse of Florence: RMS

Global catastrophe risk modeller RMS has said that, due to the unusual speed with which Hurricane Michael has developed, the...

Close