Lloyd’s Brussels Poised to Write Reinsurance Across EEA
Lloyd’s in October 2018 confirmed it will be able to write facultative and excess of loss treaty reinsurance on Lloyd’s Brussels paper from January 1, 2019 across all markets in the European Economic Area (EEA).
Should the UK not secure Solvency II reinsurance equivalence in 2019, Lloyd’s will be ready to process proportional treaty reinsurance business through Lloyd’s Brussels from January 1, 2020.
In any event, the market said it can continue to write reinsurance in the EEA states until March 29, 2019 and it further declared all (valid) claims would be paid.
Made in the context of Brexit, Lloyd’s announcement has little bearing on employee benefits but is important for specialty lines that cover such unusual or difficult risks, for example kidnap-and-ransom, directors & officers’ liability, or AD&D in the explosives industry …