Lloyd’s of London is soon to be Lloyd’s of Brussels after receiving regulatory approval for the launch of its Brexit-related subsidiary.
The insurance market announced today it had received approval from the National Bank of Belgium for its Brussels operation.
The licence means Lloyd’s will be able to write non-life risks from the European Economic Area (EEA) meaning Lloyd’s customers can still use its underwriters post-Brexit.
Lloyd’s boss Inga Beale said: “Since the UK referendum on EU membership Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations our partners across the EEA will continue to enjoy access to Lloyd’s unique offering.”
She said the Brussels launch “will deliver certainty for all our customers, reassuring them they can continue benefitting from Lloyd’s specialist expertise, innovative policies and financial security post-Brexit.”
Lloyd’s chief commercial officer Vincent Vandendael will be chief executive of the business alongside his current role.
He said: “Lloyd’s Brussels will be at the forefront of our modernisation drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd’s whilst utilising the latest technology, expertise and talent available.”
Belgium’s minister of finance, Johan Van Overtveldt said he welcomed the move and anticipated further insurers setting up in Brussels.
“By establishing an insurance company in Brussels, Lloyd’s will significantly strengthen Brussels as a financial centre and build a bridge to London for specialised insurance and re-insurance. We are looking forward to welcoming more London-based insurance companies and brokers to Brussels, which lies at the heart of Europe and is home to the main European decision-making centres.”
Companies to move operations to Brussels because of Brexit include clearing house Euroclear which plans to move its tax residence and domicile to Brussels and payment transfer giant Moneygram which its moving European headquarters to Brussels.
Other companies have looked to Ireland for a post Brexit-insurance policy including Bank of America which is moving 125 jobs from the UK to Ireland and law firm DLA Piper which announced last week that it would open a Dublin office in late 2018 or early 2019.