March 06, 2019
Lloyd’s Brussels has obtained authorisation to underwrite insurance and reinsurance risks located in Monaco which will allow it to ensure that business from the city-state will continue to be accessed by Lloyd’s members’ post-Brexit.
As a requirement of the authorisation, the subsidiary has chosen france country manager Guy-Antoine de La Rochefoucauld as its general representative for Monaco and as its financial representative for the territory.
However, Lloyd’s Brussels is not authorised to underwrite life insurance or life reinsurance business for risks located in Monaco.
Explaining the necessity for the licence, Lloyd’s stated: “Following the UK’s exit from the EU on 29 March 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.”
Adding: “Lloyd’s Brussels is authorised to write all non-life insurance classes 1-18, and non-life reinsurance business,” read the market bulletin seen by Insurance 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.”