Managing agents prefer Lloyd’s Brussels
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).
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.
In May 2018 Lloyd’s of London received licence approval from the National Bank of Belgium for its EU subsidiary Lloyd’s Insurance Company.
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.
Brexit is seen as an internal and market-level priority issue for 2018 by a majority of COOs, according to the LMA survey.
The research also shows that within market modernisation initiatives, delegated authority transformation has the highest priority, and 93 percent of COOs believe straight-through processing is a viable option for delegated authority relationships.
All respondents are planning systems upgrades in 2018. Almost 77 percent plan to upgrade coverholder reporting systems and processes.
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