Lloyd’s, the insurance and reinsurance market, officially opened Lloyd’s Brussels, its post-Brexit headquarters in the European Union.
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 said in a statement. The company has an executive committee and board with 50 staff in Brussels as well as 45 other employees across Europe.
Lloyd’s is ready for Brexit with Lloyd’s Brussels now officially open for business,” commented Lloyd’s Chairman Bruce Carnegie-Brown.
“Our decision to set up an insurance company in Brussels has provided certainty to our partners and customers throughout Europe, reassuring them that they can continue to benefit from Lloyd’s specialist expertise and financial security post-Brexit,” he said, noting that Lloyd’s Brussels is now placing and processing European risks.
“Now that Lloyd’s Brussels is operational, we are looking forward to the new opportunities that we will have to grow our business with European customers through a locally staffed, locally regulated and locally capitalized insurer,” he added.
“By using electronic placement and digital data capture, Lloyd’s Brussels offers its partners in Europe the very best that Lloyd’s has to offer in an easily accessible and cost-effective way,” he affirmed.
Lloyd’s Brussels (Lloyd’s Insurance Co. S.A.) is a subsidiary of Lloyd’s with 19 European branches, working with over 400 coverholders and 40 Lloyd’s brokers across Europe. It was set up to ensure that customers and partners in the European Economic Area (EEA) continue to have access to Lloyd’s world class services and expertise, while also facilitating continued growth and further digital transformation.
- Lloyd’s Brussels writes all non-life risks, as well as facultative and non-proportional excess of loss treaty reinsurance, and since the beginning of November has started accepting and processing EEA risks with inception from Jan. 1, 2019.