Lloyd’s, the world’s leading insurance and reinsurance market, has received final approval from the High Court of England and Wales to transfer policies in the European Economic Area to Lloyd’s Insurance Co. SA (Lloyd’s Europe), with its registered office in Brussels, Belgium.
The transfer will take effect from 00:01 on Dec. 30, 2020. (Editor’s note: the Brexit transition period, or implementation period, ends on Dec. 31, 2020 when the UK fully exits both the EU customs union and single market. During the 2020 transition period, the UK and the EU have continued to negotiate a post-Brexit trade agreement, while maintaining existing EU trade rules).
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.
Approval follows successful execution of the “Lloyd’s Policyholder and Market Notification Strategy” as well as a detailed review of the transfer by UK and EEA state regulators and the Independent Expert.
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 Co. SA is able to write non-life risks from all 30 EEA countries (which includes the 27 remaining EU countries and also Iceland, Liechtenstein and Norway). 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.
Authorized and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks incepting from Jan. 1, 2019.
Lloyd’s Europe is located at Place du Champ de Mars 5, 14th floor, 1050 Brussels, Belgium.
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