Lloyd’s has received the regulatory green light for its new Brussels subsidiary, appointing Vincent Vandendael to lead the operation.
The licence approval from the National Bank of Belgium means that Lloyd’s can write non-life risks from the European Economic Area (EEA), enabling the market to continue doing business in the EU post-Brexit.
Vandendael will assume the role of Lloyd’s Brussels CEO alongside his current responsibilities as Lloyd’s chief commercial officer in London, overseeing a team of around 40.
The new subsidiary is expected to be operational and start writing business in time for the 1 January 2019 renewal season, ahead of the UK’s planned exit from the EU next March.
Lloyd’s CEO Inga Beale said the approval will “deliver certainty” and provide reassurance for the Corporation’s customers.
“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,” she said.
“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,” she added.
Meanwhile, Vandendael remarked: “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.”