Lloyd’s of London obtains its licence to operate in Belgium
Wednesday, 23 May 2018
The British company, Lloyd’s of London, indicated on Wednesday that it has obtained its licence to operate in Belgium from the National Bank of Belgium. As Brexit approaches, the insurance underwriter will thus establish its European subsidiary in Brussels.
Lloyd’s of London was the first company to choose Brussels, whilst its various financial players were seeking to relocate their activities from London, owing to Brexit. Being the UK’s withdrawal from the EU, Brexit threatens its access to the European Single Market.
Since the referendum in mid-2016, during which the majority of Brits voted to leave the European Union, Lloyd’s stresses that it has sought a solution for its clients. The CEO, Inga Beale, indicated in a communiqué that the objective was to continue to provide access to Lloyd’s products, regardless of the outcome of the Brexit negotiations.
The CEO of the Belgian subsidiary will be Vincent Vandendael, a Belgian who is already the Commercial Director of Lloyd’s. The Brussels subsidiary will offer its products from January 1st, 2019, and, as De Tijd indicated last month, the company is expected to create 40 jobs initially.
The Finance Minister, Johan Van Overtveldt, said that he was pleased that the National Bank of Belgium is granting the official licence, after an in-depth examination of Lloyd’s. The arrival of Lloyd’s will “strengthen the central financial position of Brussels, and build a link with London for specialist insurers and reinsurers.”
Based in London, Lloyds is not an insurer as such but an insurance market – the most significant in the world – where insurers work either individually or in syndicate groups, to conclude contracts with clients seeking appropriate cover.
Several other organisations have established their head office in Brussels such as the Australian insurer QBE, the Japanese insurer MS Amlin, the money transfer company, MoneyGram, and even the financial technology company, Ebury Partners.