Lloyd’s of London has received final approval from the High Court of England and Wales to transfer European Economic Area policies to its Belgium-based subsidiary.
The establishment of Lloyd’s Europe was first announced in the wake of Britain’s vote to leave the EU, driven by an absence of clarity around the consequences for the financial services sector.
The historic insurance and reinsurance marketplace then announced its intention to use a Brussels-based office to transfer existing European business potentially affected by the loss of passporting rights.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks since the start of 2019.
“We are delighted that the UK High Court and regulators in UK and Belgium have agreed to the transfer,” said Peter Spires, Lloyd’s General Counsel and Company Secretary.
“Through Lloyd’s Europe, Lloyd’s policyholders across the EEA will continue to have their policies serviced following the end of the Brexit transition period.”
Lloyd’s Insurance Company SA is able to write non-life risks from all 30 EEA countries.
It is backed by a reinsurance arrangement with Lloyd’s syndicates, ensuring that its policyholders continue to benefit from the Lloyd’s Central Fund and financial ratings.