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UK court approves next stage of Lloyd's Brexit plan

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Lloyd’s will start notifying policyholders later this month about the transfer of its existing European business to Brussels as part of its post-Brexit plan, after securing approval from the High Court of England and Wales to do so.

The market announced in 2017 it would shift all European insurance business to Brussels by 2020 in response to Brexit. The Brussels subsidiary has been operating since the last quarter of 2018.

“This is another key step in ensuring that, despite Brexit, Lloyd’s customers across the [European Economic Area] can continue to benefit from the financial security of the Lloyd’s market and their existing policies can continue to be serviced by Lloyd’s Insurance Company S.A., including the payment of valid insurance claims,” Lloyd’s Brussels CEO Sonja Rottiers said.

Working with market participants, Lloyd’s will notify customers of the transfer starting from the middle of this month.