[2018] EWHC 3228 (Ch)
Lloyd's Insurance Co SA, Re: Judge confirms there is no
roadblock to Lloyd's Brexit scheme
In preparation for Brexit, Lloyd's has established an
authorised insurance company in Belgium ("LIC"), which
will establish branches in other EEA countries and the UK. LIC will
write all relevant business written in the EEA (ie business where
the risk or policyholder is situated in the EEA) from 1 January
2019 onwards, and will reinsure that business with Lloyd's
members. Lloyd's will also transfer all current relevant
business with an EEA element for the years of account 1993 to 2018
to LIC, with reinsurance back to the Lloyd's market.
After the Council of Lloyd's passed an ordinary resolution
authorising itself to act in connection with this Part VII
transfer, a claim form was issued, seeking an order sanctioning the
Part VII transfer.
