Lloyd’s has received final approval from the High Court of England and Wales to transfer EEA policies to its Belgian-based subsidiary, Lloyd’s Insurance Company SA (Lloyd’s Europe).
The transfer will take effect from 00:01 on 30 December 2020.
This announcement follows previous confirmation that Lloyd’s would be transferring the market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.
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”.
Lloyd’s Insurance Company SA is able to write non-life risks from all 30 EEA countries.
It is backed by a reinsurance arrangement with Lloyd’s syndicates, ensuring that its policyholders continue to benefit from the Lloyd’s Central Fund and financial ratings.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks incepting from 1st January 2019.
Approval follows a detailed review of the transfer by UK and EEA state regulators and the Independent Expert. A copy of the Independent Expert’s final report can be accessed at Lloyds.com/brexittransfer.
Lloyd’s Europe provides the market’s partners within the European Economic Area access to underwriters licensed to provide tailored insurance and reinsurance solutions for a variety of non-life risks including liability, property, MAT, cyber and political and credit insurance.
Lloyd’s Europe benefits from the market’s financial strength through the Central Fund and has the same financial ratings as Lloyd’s, AM Best (A “excellent”), Standard & Poor’s (A+ “strong”) and Fitch (AA- “very strong”).