Vincent Vandendael has been appointed as chief executive of new subsidiary

Lloyd’s of London has been given the green light from the National Bank of Belgium to write non-life risks from its Brussels subsidiary in theEuropean Economic Area (EEA) from January 1, 2019.

European Commission building Brussels

Source: Istockphoto

European Commission building Brussels

The regulatory approval ensures Lloyd’s customers can continue to access the market’s specialist underwriting in complex lines, such as cyber.

Vincent Vandendael has been appointed chief executive of Lloyd’s Brussels, in addition to his role as Lloyd’s chief commercial officer. 

Inga Beale, chief executive of Lloyd’s, said: “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. 

“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 benefitting from Lloyd’s specialist expertise, innovative policies and financial security post-Brexit,” she said. 

Newly appointed chief executive of the Brussels branch, Vincent Vandendael, added: “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.” 

Minister of Finance, Johan Van Overtveldt, said: “By establishing an insurance company in Brussels, Lloyd’s will significantly strengthen Brussels as a financial centre and build a bridge to London for specialised insurance and re-insurance. 

“We are looking forward to welcoming more London-based insurance companies and brokers to Brussels, which lies at the heart of Europe and is home to the main European decision-making centres,” he added.