Lloyd’s of London has secured final approval from the High Court of England and Wales to transfer its European business to Lloyd’s Insurance Company (Lloyd’s Europe).

This approval follows the execution of the Lloyd’s policyholder and market notification strategy and a detailed review of the transfer by the UK and EEA state regulators and an independent expert.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The transfer is set to take effect from 00:01 on 30 December 2020, Lloyd’s said.

In 2017, Lloyd’s established Lloyd’s Europe in a bid to secure uninterrupted access to the EU market following the exit of the UK from the bloc. It would have been otherwise difficult for the London-centred insurance market due to the lack of passporting rights.

It is authorised and regulated by the National Bank of Belgium and has been accepting risks incepting from 1st January last year.

The approval will allow the company to write non-life risks from all 30 EEA countries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Lloyd’s Europe 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.

Commenting on the hight court approval, Lloyd’s general counsel and company secretary Peter Spires 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.”

Last year, Lloyd’s Europe secured licence to underwrite insurance and reinsurance risks in Monaco after Brexit.

In October, Lloyd’s rolled out a new business interruption policy, dubbed as Parametrix Insurance, for small and medium sized enterprises (SMEs).