Lloyd’s Brussels, the new subsidiary of specialist re/insurance market Lloyd’s of London, has secured licence to underwrite insurance and reinsurance risks in Monaco after Brexit.
The authorisation will ensure that Lloyd’s members continue to have access Monaco market even after the UK leaves the European Union on 29 March.
Guy-Antoine de La Rochefoucauld has been named by Lloyd’s Brussels as its general representative for Monaco and as its fiscal representative for the territory.
In a statement Lloyd’s said: “Following the UK’s exit from the EU on March 29, 2019, Lloyd’s underwriters will cease to be authorised in Monaco.
“This is because Lloyd’s underwriters’ licence in Monaco is dependent on their authorisation in France, which will cease when UK firms lose their EU passporting rights.”
“Lloyd’s Brussels is authorised to write all non-life insurance classes 1-18, and non-life reinsurance business. Business may be written on an onshore basis, i.e., by a coverholder located in Monaco, or on a cross-border basis, i.e., by a coverholder located outside Monaco or on an open market basis.”
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.
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 GlobalDataIn November 2018, Lloyd’s of London launched its new subsidiary in Brussels to gain uninterrupted access to EU markets after Britain’s departure from the bloc next year.
