Latest News

Lloyd's Brussels is Open for Business

13 Nov 2018

Today we start an exciting new chapter in Lloyd’s history with Lloyd’s Brussels officially opening for business. Our insurance company in Belgium is Lloyd’s first Europe wide operation. With 19 branches and access to a network of 440 coverholders and brokers, it will provide certainty to our partners and customers throughout Europe that they will continue to benefit from Lloyd’s specialist expertise and financial security post-Brexit.

A few months ago, we announced that Lloyd’s underwriters will continue to honour their contractual commitments, including the payment of valid claims, whatever the result of Brexit negotiations. Preparatory work on the area of contract continuity and the Part VII Transfer has been underway for some time. Our next step will be to seek preliminary directions on 20 November from the High Court of England and Wales on the legal principles to be applied in the Part VII Transfer of all European Economic Area (EEA) business to Lloyd’s Brussels. Lloyd’s approach has the full support of the UK’s Financial Conduct Authority, and we expect also to have the support of all European regulators as it goes to the heart of treating customers fairly.

I believe that having an insurance company in Europe will give us an opportunity to continue to grow our business on the continent. Since the beginning of November, Lloyd’s Brussels has started accepting and processing EEA risks with inception from 1 January 2019. There is significant opportunity to increase commercial insurance penetration in the EEA, and to raise Lloyd’s market share. Insurance premiums are forecast to grow at 2.6% pa in the EEA over the next two years.