Lloyd’s has received confirmation from the National Bank of Belgium that is has been granted a licence to set up its new Brussels subsidiary.

The licence for the subsidiary, which the Corporation opted to set up in the wake of the UK’s vote to leave the European Union, means that Lloyd’s can write non-life risks in the European Economic Area (EEA), dulling the potential impact of an unfavourable outcome to the Brexit negotiations. 

Inga Beale, Lloyd’s CEO, said the approval would help “deliver certainty” for Lime Street’s customers on the continent no matter the form of the UK and EU’s relationship after Brexit becomes official in March next year.

“Since the UK referendum on EU membership Lloyd’s has been working hard to ensure that whatever the outcome of the Brexit negotiations our partners across the EEA will continue to enjoy access to Lloyd’s unique offering,” she said.

“I am delighted that Lloyd’s has received regulatory approval for its new Brussels subsidiary. This will deliver certainty for all our customers, reassuring them they can continue benefiting from Lloyd’s specialist expertise, innovative policies and financial security post-Brexit.” 

The new subsidiary will be led by Vincent Vandendael, who retains his post in London as the Corporation’s chief commercial officer in addition to his new role.

He said: “The new subsidiary will mean that our customers within the EEA continue to have access to Lloyd’s specialist policies, and it will also provide us with opportunities to continue to grow our business on the continent.”

“Lloyd’s Brussels will be at the forefront of our modernisation drive, with a platform in one of our most important markets that harnesses all the benefits of Lloyd’s whilst utilising the latest technology, expertise and talent available.”