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24 April 2018Insurance

Lloyd’s starts hiring for Brussels Brexit subsidiary

Lloyd’s of London has started hiring staff for its Brussels  subsidiary which will involve positions in finance, operations, compliance, HR, and underwriting.

Lloyd’s has decided to create an insurance company in Brussels to ensure it can continue to serve the European Economic Area (EEA) after the UK leaves the European Union.

Lloyd’s Brussels will be able to write all non-life risks from the EEA to ensure our partners can continue to have seamless access to the specialist policies of the Lloyd’s market.

“I am pleased with this next step in the setting up of our operations in Brussels,” said Vincent Vandendael, Lloyd’s chief commercial officer. “Since the outcome of the UK Brexit referendum, Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations, our partners across the EEA will continue to have access to our specialist, innovative policies, and benefit from the security of the Lloyd’s market. Being at the heart of Europe will deliver many different advantages for our customers and provide an opportunity for us to continue to grow our business in the continent”.

Lloyd’s Brussels will have 19 branches throughout Europe, including the UK, and it will be authorised and regulated by the National Bank of Belgium, and capitalised according to Solvency II rules.

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More on this story

30 March 2017   London-centred specialist re/insurance market Lloyd’s said that it will be setting up a new European insurance company to be located in Brussels to secure access to the EU market after Brexit.
23 May 2018   Specialist re/insurance market Lloyd’s of London has received licence approval from the National Bank of Belgium for its EU subsidiary Lloyd’s Insurance Company.
25 June 2018   Managing agencies slightly favour the use of the Lloyd's Brussels subsidiary (57 percent) over the creation of their own EU subsidiary (43 percent), according to a survey with Lloyd’s market chief operating officers (COOs) commissioned by the Lloyd’s Market Association (LMA).