Lloyd’s has received final approval from the High Court of England and Wales to transfer EEA policies to its Belgium-based subsidiary, Lloyd’s Insurance Company SA (Lloyd's Europe). The announcement follows previous confirmation that Lloyd’s intended to transfer the market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.
Approval follows successful 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. The transfer will take effect from 00:01 on 30 December 2020.
Peter Spires, Lloyd’s general counsel and company secretary, said: “We are delighted that the UK High Court and regulators in 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.”
Lloyd's Europe 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 1st January 2019.
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