Lloyd’s has confirmed it received final approval from the High Court of England and Wales to transfer EEA policies to Lloyd’s Insurance Company SA, with its registered office at Place du Champ de Mars 5 in Brussels, Belgium.
The transfer will take effect from 30 December 2020.
The announcement follows previous confirmation that Lloyd’s would be transferring the market’s existing European business, which will reportedly be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.
It also follows a successful execution of the Lloyd’s Policyholder and Market Notification Strategy, as well as a detailed review of the transfer by UK and EEA state regulators and the Independent Expert.
Lloyd’s Insurance Company SA is able to write non-life risks from 30 EEA countries, and is backed by a reinsurance arrangement with Lloyd’s syndicates, in a move that will enable policyholders to benefit from Lloyd’s Central Fund and financial ratings.
Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks incepting from 1 January 2019.
Peter Spires, Lloyd’s general counsel and company secretary, 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.”