Lloyd’s’ application for a Brussels subsidiary to counter Brexit risks has been approved by Belgium’s regulator, the National Bank of Belgium. Lloyd’s Insurance Company SA (Lloyd’s Brussels) will write non-life risks for clients in the European Economic Area (EEA) from 1 January 2019 and has named Vincent Vandendael as CEO.
Lloyd’s said the move gives certainty to insurance buyers in Europe and eliminates the uncertainty of the UK’s exit from the European Union.
Mr Vandendael will also retain his current role as chief commercial officer at Lloyd’s.
Lloyd’s first announced plans to establish a subsidiary in Brussels in March last year. Inga Beale, CEO of Lloyd’s, 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 benefiting from Lloyd’s’ specialist expertise, innovative policies and financial security post-Brexit,” she added.
Mr Vandendael said the new subsidiary will help Lloyd’s expand in Europe and be a key part of modernisation plans. “Today marks an exciting next step in the setting up of our operations in Brussels. The new subsidiary will mean that our customers within the EEA continue to have access to Lloyd’s’ specialist policies, and it will also provide us with opportunities to continue to grow our business on the continent.
“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.”
Belgium’s minister of finance, 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 reinsurance.”
He added that Brussels is open to other risk transfer businesses looking to establish a base in continental Europe. “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,” Mr Van Overtveldt said.