Lloyd’s Brussels starts new chapter for Lloyd’s in Europe
Lloyd’s, the global insurance and reinsurance market, marked an exciting new phase in its history today by opening an insurance company in Belgium.
Lloyd’s Brussels is Lloyd’s first Europe wide operation and will bring Lloyd’s expertise closer to its customers and partners in Europe.
Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business. 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.Lloyd’s Chairman, Bruce Carnegie-Brown
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 (Lloyd’s Insurance Company S.A.) 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 EEA continue to have access to Lloyd’s world class services and expertise, while also facilitating continued growth and further digital transformation.
The company is established and operational, with an executive committee and board and 50 staff based in the Belgian capital as well as 45 other staff across the continent.
The Corporation also recently announced that Lloyd’s underwriters would continue to pay all valid claims regardless of the result of the Brexit negotiations, and that it will be moving all legacy EEA business to Lloyd’s Brussels before the end of 2020, via a Part VII transfer.
- 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 January 2019.
- Lloyd’s Brussels is authorised and regulated by the National Bank of Belgium and capitalised according to Solvency II rules. Lloyd’s Brussels has also been assigned the same financial ratings as Lloyd’s by ratings agencies A.M. Best, Standard & Poor's and Fitch Ratings.