Lloyd’s is to establish a new European insurance company in Brussels Lloyd’s chief executive Inga Beale said the intention is for the company to be ready to write business for the 1 January 2019 renewal season, subject to regulatory approval.
With this new company, Lloyd’s will be able to write risks from all 27 European Union and three European Economic Area states after the UK has left the EU.
Lloyd’s in a statement said that whilst the UK Government has triggered Article 50, it will remain a full member of the EU for at least two more years and therefore, there is no immediate impact on existing policies, renewals or new policies, including multi-year policies, written during this period of time.
Beale said: “Brussels met the critical elements of providing a robust regulatory framework in a central European location, and will enable Lloyd’s to continue to provide specialist underwriting expertise to our customers.
“It is now crucial that the UK Government and the European Union proceed to negotiate an agreement that allows business to continue to flow under the best possible conditions once the UK formally leaves the EU.”