Lloyd's, the specialist insurance and reinsurance market, has announced it will be setting up a new European insurance company, to be located in Brussels.
Lloyd's chief executive and CII deputy president Inga Beale, Inga Beale, said the intention is for the company to be ready to write business for the 1 January 2019 renewal season, subject to regulatory approval.
The company will be able to write risks from all 27 European Union (EU) and three European Economic Area states after the UK has left the EU, providing its customers and partners with continued access to the innovative solutions of the Lloyd's market.
Lloyd's chief executive Inga Beale said: "It is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU.
"Brussels met the critical elements of providing a robust regulatory framework in a central European location, and will enable Lloyd's to continue to provide specialist underwriting expertise to our customers. I am excited about the opportunities this venture will offer the market by providing that important European access efficiently."