LLOYD's Brexit business transfer received final High Court approval

2 December 2020 — Andrei Victor
LLOYD's confirmed it has received final approval from the High Court of England and Wales to transfer EEA policies to LLOYD's Insurance Company SA (LLOYD's Europe), with its registered office in Brussels, Belgium. 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.

According to the statemenr released by LLOYD's, "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. (...) LLOYD's Europe 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.

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