High Court rules on Lloyd’s Brexit strategy

The High Court of England and Wales has approved Lloyd’s Part VII Brexit strategy to transfer its existing European business to Lloyd’s Brussels to counter the loss of passporting rights from Lloyd’s members to Lloyd’s.

The approval covers Lloyd’s plans to ensure customers understand the transfer process, as well as providing assurance of the validity of their policies underwritten between 1993 and 2020 being transferred to Lloyd’s Brussels. The proposed effective date is 29th October 2020.

Sonja Rottiers, Lloyd’s Brussels CEO, commented: “This is another key step in ensuring that, despite Brexit, Lloyd’s customers across the EEA can continue to benefit from the financial security of the Lloyd’s market and their existing policies can continue to be serviced by Lloyd’s Insurance Company, including the payment of valid insurance claims.”

Lloyd’s, in conjunction with market participants, will notify customers of the Part VII transfer, from the middle of June. Customers will receive a letter outlining the details of the transfer and providing links to a dedicated Part VII Lloyd’s website.

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