Chairman of the specialist Lloyd’s of London insurance and reinsurance marketplace, John Nelson, has said the establishment of a base in mainland Europe will help the insurer increase its European market share.
Lloyd’s announced earlier this year that it would establish an insurance subsidiary in Brussels, Belgium, as its European Union (EU) base following the UK’s vote to leave the EU, to secure its access to European markets post-Brexit.
At a recent industry conference, Nelson said; “In terms of the EU – partly for industry structural reasons, it has not been a hugely large market for Lloyd’s – it may actually improve. We have put down facilities onshore. We think we will be able to operate pretty much seamlessly as far as our customers are concerned.”
Lloyd’s previously said that it hopes to be able to write business from its new EU subsidiary for the January 1st, 2019 renewal season, and the new base enables Lloyd’s to underwrite risks from all 27 EU and three European Economic Area states, after the UK has left the EU.
European insurers and reinsurers currently adhere to Solvency II regulation, which was implemented in January 2016, and reports suggest that lawmakers in the UK are looking at amendments to ensure Britain complies with EU regulations and re/insurance laws in a post-Brexit world.