Lloyd’s Brussels, the Brexit subsidiary of Lloyd’s of London, is now authorised to underwrite insurance and reinsurance risks located in Monaco.
The move was to ensure that business from the territory could continue to be accessed by Lloyd’s members after Britain leaves the European Union on March 29, Lloyd’s said in a market bulletin.
Explaining the need for the licence, Lloyd’s stated:
“Following the UK’s exit from the EU on March 29, 2019, Lloyd’s underwriters will cease to be authorised in Monaco. This is because Lloyd’s underwriters’ licence in Monaco is dependent on their authorisation in France, which will cease when UK firms lose their EU passporting rights.”
Meanwhile, as a requirement of the authorisation, a general representative for Monaco has been appointed. Guy-Antoine de La Rochefoucauld will also serve as the subsidiary’s fiscal representative for the territory.
Lloyd’s Brussels is authorised to write all non-life insurance classes 1-18, and non-life reinsurance business, however Lloyd’s Brussels is not authorised to underwrite life insurance or life reinsurance business for risks located in Monaco.