Lloyd’s, the global insurance and reinsurance market, announced its post-Brexit unit – Lloyd’s Brussels – is established and operational. “Lloyd’s Brussels is Lloyd’s first Europe wide operation and will bring Lloyd’s expertise closer to its customers and partners in Europe”.
Lloyd’s Brussels is a subsidiary of Lloyd’s with 19 European branches, working with over 400 coverholders and 40 Lloyd’s brokers spread across Europe. It was set up to ensure that customers and partners in the EEA continue to have access to Lloyd’s world class services and expertise, while also facilitating continued growth and further digital transformation.
The company is established and operational, with an executive committee and board and 50 staff based in the Belgian capital as well as 45 other staff across the continent.
The Corporation also recently announced that Lloyd’s underwriters would continue to pay all valid claims regardless of the result of the Brexit negotiations, and that it will be moving all legacy EEA business to Lloyd’s Brussels before the end of 2020, via a Part VII transfer.