The FINANCIAL -- Lloyd’s, the world’s insurance and reinsurance market, has started hiring staff for its Brussels subsidiary.
There will be a number of vacancies across finance, operations, compliance, HR and underwriting. All roles will be based in Brussels, according to Lloyd’s.
Lloyd’s has decided to create an insurance company in Brussels to ensure it can continue to serve the European Economic Area (EEA) after the UK leaves the European Union. Lloyd’s Brussels subsidiary will be able to write all non-life risks from the EEA to ensure our partners can continue to have seamless access to the specialist policies of the Lloyd’s market.
Vincent Vandendael, Lloyd’s Chief Commercial Officer, said:
“I am pleased with this next step in the setting up of our operations in Brussels. Since the outcome of the UK Brexit referendum, Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations, our partners across the EEA will continue to have access to our specialist, innovative policies, and benefit from the security of the Lloyd’s market. Being at the heart of Europe will deliver many different advantages for our customers and provide an opportunity for us to continue to grow our business in the continent”.
Lloyd’s Brussels subsidiary will have 19 branches throughout Europe, including the UK, and it will be authorised and regulated by the National Bank of Belgium, and capitalised according to Solvency II rules.