Lloyd's Brussels wins regulatory approval

Lloyd’s has been granted regulatory approval for its new Brussels branch.

The new operation, paving the way for Lloyd’s presence in the EU post-Brexit, was granted licence approval from the National Bank of Belgium.

The licence means that Lloyd’s Brussels will be able to write non-life risks from the European Economic Area (EEA), ensuring that Lloyd’s customers can continue to access the market’s specialist underwriting.

Inga Beale, Lloyd’s CEO, said: “Since the UK referendum on EU membership Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations our partners across the EEA will continue to enjoy access to Lloyd’s unique offering.

“I am delighted that Lloyd’s has received regulatory approval for its new Brussels subsidiary. This will deliver certainty for all our customers, reassuring them they can continue benefitting from Lloyd’s specialist expertise, innovative policies and financial security post-Brexit.”

Vincent Vandendael will take up the post of chief executive of Lloyd’s Brussels in addition to his role as Lloyd’s chief commercial officer.

He said:

“Lloyd’s Brussels will be at the forefront of our modernisation drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd’s whilst utilising the latest technology, expertise and talent available.”

Belgian finance minister Johan Van Overtveldt said: “By establishing an insurance company in Brussels, Lloyd’s will significantly strengthen Brussels as a financial centre and build a bridge to London for specialised insurance and re-insurance. We are looking forward to welcoming more London-based insurance companies and brokers to Brussels, which lies at the heart of Europe and is home to the main European decision-making centres.”

Lloyd’s Brussels will start writing business from 1st January 2019.