Lloyd’s Brussels unit gets regulatory approval with Vandendael as CEO
Specialist re/insurance market Lloyd’s of London has received licence approval from the National Bank of Belgium for its EU subsidiary Lloyd’s Insurance Company.
The licence means that Lloyd’s Brussels will be able to write non-life risks from the European Economic Area (EEA) after the UK leaves the European Union, ensuring that Lloyd’s customers can continue to access the market’s specialist underwriting.
Lloyd’s CEO Inga Beale, said: “Since the UK referendum on EU membership Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations our partners across the EEA will continue to enjoy access to Lloyd’s unique offering.
“I am delighted that Lloyd’s has received regulatory approval for its new Brussels subsidiary. This will deliver certainty for all our customers, reassuring them they can continue benefitting from Lloyd’s specialist expertise, innovative policies and financial security post-Brexit.”
Vincent Vandendael will take up the post of CEO of Lloyd’s Brussels in addition to his role as Lloyd’s chief commercial officer.
Vandendael commented: “Today marks an exciting next step in the setting up of our operations in Brussels. The new subsidiary will mean that our customers within the EEA continue to have access to Lloyd’s specialist policies, and it will also provide us with opportunities to continue to grow our business on the continent.
“Lloyd’s Brussels will be at the forefront of our modernisation drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd’s whilst utilising the latest technology, expertise and talent available.”
Belgian minister of finance, Johan Van Overtveldt, added: “By establishing an insurance company in Brussels, Lloyd’s will significantly strengthen Brussels as a financial centre and build a bridge to London for specialised 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 centres.”
Regulated by the National Bank of Belgium and fully Solvency II compliant, Lloyd’s Brussels will start writing business from January 1, 2019.
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