The High Court of England and Wales has approved the transfer of European Economic Area ("EEA") policies to Lloyd’s Insurance Company SA which became necessary in order to be able to continue to service all European insurance liabilities after 1 January 2021.
Lloyd's CEO John Neal commented: "We are of course delighted that the High Court of England and Wales and regulators in the UK and Belgium have agreed to the transfer. 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, Lloyd's Europe, is able to write non-life risks from all 30 EEA countries and is backed by reinsurance arrangements with Lloyd’s syndicates.
"This approval follows the successful execution of the Lloyd’s Policyholder and Market Notification Strategy as well as a detailed review of the transfer by UK and EEA state regulators and the Independent Expert."
Earlier, in July, Lloyd's announced a delay in the Part VII transfers - see previous article here.