Following on from its announcement in March 2017 that it had selected Brussels as it’s preferred location for an EU-based subsidiary, Lloyd’s of London has indicated that it is aiming to commence operations there as of 1 January 2019.
Brussels was chosen as a result of its established regulatory structure. It is hoped that dealings in Brussels will be ready to hit the ground running at the start of 2019. Inga Beale, Chief Executive of Lloyd’s of London noted that this date is “ahead of the actual official exit, but we run a market and we want to be ready for all of our businesses and syndicates that operate within the market. That’s why we are really pushing ahead.” Beale made this comment when attending a financial forum in Hong Kong earlier this month.
In addition, Beale confirmed that Lloyd’s was looking for premises and taking steps towards setting up the necessary technology structures, whilst the Belgium regulator reviewed its application. It is expected that appointments and new hires will follow soon.
Beale also emphasised the significance of growth for Lloyd’s when commenting on expansion and increasing demand in the Asia Pacific region for political risk, terrorism and cyber cover. Lloyd’s currently earns approximately 10% of its worldwide revenue from insurance premiums underwritten in Asia Pacific.