Lloyd’s will be setting-up a new European insurance company to be located in Brussels, with the intention for the company to be ready to write business for the 1st January 2019 renewal season, subject to regulatory approval.

The company will be able to write risks from all 27 European Union and three European Economic Area states after the United Kingdom has left the EU, providing our customers and partners continued access to the innovative solutions of the Lloyd’s market.

Lloyd’s Chief Executive Inga Beale said:
“It is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU.

“Brussels met the critical elements of providing a robust regulatory framework in a central European location, and will enable Lloyd’s to continue to provide specialist underwriting expertise to our customers.”

“I am excited about the opportunities this venture will offer the market by providing that important European access efficiently.”

Press release: Lloyd’s to open EU insurance company in Brussels

Whilst the UK Government has triggered Article 50, it remains a full member of the European Union for at least two more years and therefore, there is no immediate impact on existing policies, renewals or new policies, including multi-year policies, written during this period of time.

  • How much of Lloyd's business comes from the European market?

    In 2015, the EEA accounted for £2.93bn or 11% of Lloyd’s Gross Written Premium.

  • Will Lloyd’s remain subject to Solvency II?

    Solvency II has been incorporated into UK law and continues to apply to UK insurers, including Lloyd’s and Lloyd’s managing agents. Retaining access to insurance markets inside and outside the EU requires the UK’s insurance regulatory regime to be recognised internationally as credible and broadly comparable with regulatory regimes in place elsewhere. We do not therefore expect major changes to the UK’s insurance regulatory regime in the near future.

  • How are Lloyd’s global trading rights impacted?

    Our trading rights in territories outside of the EU are not impacted by the referendum outcome.

  • Will the Lloyd’s rating be adversely affected?

    The decision to leave the EU has no impact on Lloyd’s financial strength, which remains incredibly strong, with Fitch and A.M. Best ratings of AA- and A. S&P also affirmed Lloyd’s A+ rating on the same week as the referendum vote.