- US Department of the Treasury and the Office of the US Trade Representative announce their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
- Insurance Europe raises serious concerns in its response to a consultation by the European Commission on its draft proposals for the 2018 review of the Solvency II Delegated Regulation
- Insurance Europe seriously concerned by the quick-fix approach taken by the European Supervisory Authorities (ESAs) in their proposals for changes to the Key Information Document (KID) for Packaged Retail Investment and Insurance Products (PRIIPs)
- Commercial insurance prices in the US increased by over 2% in the third quarter of 2018 according to Willis Towers Watson CLIPS survey
- SME attitude to cyber security worrying says Aon after commissioning poll
- Beazley launches cyber and breach response portal that provides exclusive access to a wealth of risk management information and risk mitigation tools to its Beazley Breach Response (BBR) policyholders in the UK, France, Spain and Italy
- Royal London CEO and Chair to stand down expired
- Co-operators selects Guidewire Predictive Analytics for Claims to embed predictive insights into Guidewire ClaimCenter expired
- Willis Towers Watson launches latest version of its innovative Radar software expired
- Coverys to join DTW’s panel of capacity providers as one of its largest backers expired
- Peak Re launches Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re expired
- Ed appoints CEO-designate and is setting up a new broking platform in Bermuda expired
10th October 2018
Lloyd's to transfer all EEA business to its Brussels office before end of 2020 and commit to paying valid claims-whatever the Brexit situation
Lloyd’s is working on transferring all European Economic Area(EEA) business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer.
In the event that the UK leaves the European Union before then with no transition or implementation period, Lloyd’s underwriters will continue to honour their contractual commitments including the payment of valid claims.
Lloyd’s expects that this will have the support of all European regulators as it goes to the heart of treating customers fairly. In the event that it does not, Lloyd’s will direct its underwriters, or take such other steps, to ensure that contractual commitments are met in full whilst the transfer is being completed.
Lloyd’s approach has the full support of the UK’s Financial Conduct Authority(FCA).
Lloyd’s Brussels is authorised to write all EEA business from 1st January 2019.
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