Lloyd's Brussels subsidiary granted regulatory approval

24 May 2018 — Daniela GHETU
Lloyd's announced its Brussels unit has received license approval from the National Bank of Belgium. Vincent VANDENDAEL will take up the post of CEO of the newly established Lloyd's Brussels in addition to his role as Lloyd's CCO.

The license means that Lloyd's Brussels will be able to write non-life risks from the European Economic Area (EEA), ensuring that Lloyd's customers can continue to access the market's specialist underwriting.

Inga BEALE, Lloyd's CEO, said that since the UK referendum on EU membership Lloyd's has been working hard to ensure that whatever the outcome of the Brexit negotiations its partners across the EEA will continue to enjoy access to Lloyd's offering.

"Lloyd's Brussels will be at the forefront of our modernization drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd's whilst utilizing the latest technology, expertise and talent available."

Minister of Finance, Johan Van OVERTVELDT, said: "By establishing an insurance company in Brussels, Lloyd's will significantly strengthen Brussels as a financial center and build a bridge to London for specialized insurance and re-insurance. We are looking forward to welcoming more London-based insurance companies and brokers to Brussels, which lies at the heart of Europe and is home to the main European decision-making centers."

Regulated by the National Bank of Belgium and fully Solvency II compliant, Lloyd's Brussels will start writing business from 1 January 2019.