Lloyd’s of London, the specialist insurance and reinsurance market place, has been granted a licence by the National Bank of Belgium for its Belgium subsidiary.

Operating under the brand name of Lloyd’s Insurance Company S.A. (Lloyd’s Brussels), the company will write non-life risks from the European Economic Area (EEA) post-Brexit.

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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.”

The company has named Vincent Vandendael as the CEO of Lloyd’s Brussels in addition to his role as Lloyd’s chief commercial officer.

Vandendael stated: “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.

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“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.”

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