Lloyd’s of London has secured final approval from the High Court of England and Wales to transfer its European business to Lloyd’s Insurance Company (Lloyd’s Europe).

This approval follows the execution of the Lloyd’s policyholder and market notification strategy and a detailed review of the transfer by the UK and EEA state regulators and an independent expert.

The transfer is set to take effect from 00:01 on 30 December 2020, Lloyd’s said.

In 2017, Lloyd’s established Lloyd’s Europe in a bid to secure uninterrupted access to the EU market following the exit of the UK from the bloc. It would have been otherwise difficult for the London-centred insurance market due to the lack of passporting rights.

It is authorised and regulated by the National Bank of Belgium and has been accepting risks incepting from 1st January last year.

The approval will allow the company to write non-life risks from all 30 EEA countries.

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Lloyd’s Europe is backed by a reinsurance arrangement with Lloyd’s syndicates, ensuring that its policyholders continue to benefit from the Lloyd’s Central Fund and financial ratings.

Commenting on the hight court approval, Lloyd’s general counsel and company secretary Peter Spires said: “We are delighted that the UK High Court and regulators in UK and Belgium have agreed to the transfer. Through Lloyd’s Europe, Lloyd’s policyholders across the EEA will continue to have their policies serviced following the end of the Brexit transition period.”

Last year, Lloyd’s Europe secured licence to underwrite insurance and reinsurance risks in Monaco after Brexit.

In October, Lloyd’s rolled out a new business interruption policy, dubbed as Parametrix Insurance, for small and medium sized enterprises (SMEs).