Lloyd's Part VII transfer moves ahead

Written by Adam Cadle

26/05/2020

Lloyd’s of London has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer. This includes detailed plans to ensure customers understand the transfer process, as well as providing assurance of the validity of their policies being transferred to Lloyd’s Insurance Company S.A. (Lloyd’s Brussels).

This announcement follows previous confirmation that Lloyd’s would be transferring the Lloyd’s market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Insurance Company S.A.

Sonja Rottiers, Lloyd’s Brussels CEO, said, “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 S.A., including the payment of valid insurance claims.”

Lloyd’s, in conjunction with market participants, will notify customers of the Part VII transfer, starting from the middle of June.

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