Lloyd’s passes final reg hurdle to transfer EEA policies to Brussels office
Lloyd’s has received final approval from the UK High Court to transfer its EEA polices to the market’s European company set up to deal with Brexit.
The transfer to Lloyd’s Insurance Company SA (Lloyd’s Europe) will occur on 30 December, just before the Brexit transition period runs out at the end of the year.
The move will ensure Lloyd’s can continue to serve companies in Europe when it losses passporting rights once the UK leaves the EU.
Lloyd’s Europe is able to write non-life risks from all 30 EEA countries. It is backed by a reinsurance arrangement with Lloyd’s syndicates.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks since January 2019.
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.”