High Court approval of Lloyd’s Brexit transfer ensures continuity of cover for customers
Lloyd’s, the world’s leading insurance and reinsurance market, today confirmed it has received final approval from the High Court of England and Wales to transfer EEA policies to Lloyd’s Insurance Company SA, with its registered office at Place du Champ de Mars 5, 14th floor, 1050 Brussels, Belgium (Lloyd’s Europe).
This announcement follows previous confirmation that Lloyd’s would be transferring 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 and the Independent Expert. A copy of the Independent Expert’s final report can be accessed atLloyds.com/brexittransfer.
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 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 1st January 2019.
Senior Business Partner, EMEA
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About Lloyd’s Insurance Company S.A. (Lloyd’s Europe)
Lloyd’s Insurance Company S.A. is a fully functional insurance company, able to write non-life risks from all 30 EEA countries via our current distribution channels, brokers, coverholders, and managing agents. It is backed by a reinsurance arrangement with Lloyd’s syndicates, ensuring that it can maintain access to the Lloyd’s central fund and financial ratings.
Authorised and regulated by the National Bank of Belgium, and fully Solvency II compliant, Lloyd’s Insurance Company S.A. has been accepting risks incepting from 1st January 2019 to ensure our customers continue to have seamless access to the Lloyd’s market.