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Lloyd's Brussels To Commence Writing Business January 2019

Belgium Flag and Euros 480x377
June 01, 2018

Lloyd's recently received license approval from the National Bank of Belgium for Lloyd's Insurance Company S.A. (Lloyd's Brussels). This now means that Lloyd's Brussels will be able to write non-life risks from the European Economic Area (EEA), ensuring Lloyd's customers continued access to the market's specialist underwriting in time for Brexit.

Inga Beale, Lloyd's CEO, 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.

"I am delighted that Lloyd's has received regulatory approval for its new Brussels subsidiary. This 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."

Vincent Vandendael will take up the post of CEO of Lloyd's Brussels in addition to his role as Lloyd's chief commercial officer. Mr. Vandendael said, "Today marks an exciting next step in the setting up of our operations in Brussels. The new subsidiary will mean that our customers within the EEA continue to have access to Lloyd's specialist policies, and it will also provide us with opportunities to continue to grow our business on the continent.

"Lloyd's Brussels will be at the forefront of our modernization drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd's whilst utilizing the latest technology, expertise and talent available."

Johan Van Overtveldt, minister of Finance, said, "I am very happy to announce that the National Bank of Belgium has today officially granted a license to Lloyd's after a thorough due diligence process. By establishing an insurance company in Brussels, Lloyd's will significantly strengthen Brussels as a financial center and build a bridge to London for specialized 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 centers."

Regulated by the National Bank of Belgium and fully Solvency II compliant, Lloyd's Brussels will start writing business on January 1, 2019.

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