UK High Court greenlights Lloyd’s Brexit business transfer to Lloyd’s Europe
Lloyd’s of London has received final approval from the High Court of England and Wales to transfer its European business to Lloyd's Brussels, the market's new Brexit subsidiary, ahead of the UK's exit from the European Union at the end of the year.
The London-centred specialist re/insurance market launched Lloyd’s Insurance Company SA (Lloyd’s Europe) to secure access to the EU market after Brexit, that would otherwise have been affected by the loss of passporting rights.
The High Court approval of Lloyd’s Brexit transfer ensures continuity of cover for policyholders.
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.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks incepting from January 1, 2019.
The final approval follows execution of the Lloyd’s Policyholder and Market Notification Strategy as well as a detailed review of the transfer by UK and EEA state regulators and the Independent Expert, Lloyd's said.
Peter Spires, Lloyd’s general counsel and company secretary, said: “We are delighted that the UK High Court and regulators in the UK and Belgium have agreed to the transfer. 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.”
