Property and casualty insurer Lancashire is planning to write business using Lloyd’s of London’s European Union hub in Brussels post-Brexit.
Lancashire CEO Alex Maloney told Reuters: “We have negotiated with Lloyd’s and we will write businesses that are affected by Brexit through our Lloyd’s platform, through Lloyd’s Brussels … That is a great solution for us.
“Clearly, we do not want to lose our European business but it is not a huge driver … None of us really know what will happen with Brexit and if that changes and we need an office in Europe, we’ll open an office,” Maloney told the new agency.
In November last year, Lloyd’s launched its new subsidiary in Brussels to gain uninterrupted access to European Union markets following Britain’s departure from the bloc next year.
Lloyd’s secured the licence for its Brussels subsidiary from the National Bank of Belgium earlier this year
The decision to write business through the Lloyd’s Brussels unit will enable Lancashire to offer continuous service to its customers in the European Economic Area.
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Lancashire said that the company sees Dublin as an “obvious option” for a potential Brexit hub. It will join other companies including XL Insurance, Beazley, Hiscox, Bupa and Travelers who have either established units in Ireland or in the process of doing so.
Recently, UK’s ship insurer Standard Club said that nearly 40% of its business will be written through its new Dublin unit.