The UK High Court has given final approval for policy transfer plans developed by Lloyd’s due to Britain’s exit from the European Union.

The market is transferring existing European business that will be affected by the loss of passporting rights to Brussels-based Lloyd’s Europe, with the changes to take effect from December 30.

The transfer plan has been reviewed by UK and European Economic Area (EEA) regulators and an independent expert.

“We are delighted that the UK High Court and regulators in the UK and Belgium have agreed to the transfer,” Lloyd’s General Counsel and Company Secretary Peter Spires said.

“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.”

The Brussels-based operation is able to write non-life risks from all 30 EEA countries and is backed by reinsurance arrangements with Lloyd’s syndicates.

Lloyd’s Europe has been accepting risks starting from last January.