Lloyd’s opens Brussels office
Lloyd’s of London has opened its insurance subsidiary in Brussels which is set to allow the market to continue operating and serving its clients in the EU after Brexit.
Lloyd’s Brussels is Lloyd’s first Europe wide operation and will bring Lloyd’s expertise closer to its customers and partners in Europe, according to a corporate statement.
“Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business,” said Lloyd’s chairman Bruce Carnegie-Brown. “Our decision to set up an insurance company in Brussels has provided certainty to our partners and customers throughout Europe, reassuring them that they can continue to benefit from Lloyd’s specialist expertise and financial security post-Brexit. We are already working with our partners on 2019 policies, and Lloyd’s Brussels is now placing and processing European risks.
“Now that Lloyd’s Brussels is operational, we are looking forward to the new opportunities that we will have to grow our business with European customers through a locally staffed, locally regulated and locally capitalised insurer. By using electronic placement and digital data capture, Lloyd’s Brussels offers its partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way.”
Lloyd’s Brussels is a subsidiary of Lloyd’s with 19 European branches, working with over 400 coverholders and 40 Lloyd’s brokers spread across Europe. It was set up to ensure that customers and partners in the European Economic Area (EEA) continue to have access to Lloyd’s services and expertise, while also facilitating continued growth and further digital transformation, the corporation said.
The company is established and operational with 50 staff based in the Belgian capital as well as 45 other staff across the continent.
Lloyd’s Brussels writes all non-life risks, as well as facultative and non-proportional excess of loss treaty reinsurance, and since the beginning of November has started accepting and processing EEA risks with inception from 1/1/19.
Lloyd’s Brussels is authorised and regulated by the National Bank of Belgium.
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