Lloyd's To Complete Brexit Policy Transfer By End Of 2020

Law360, London (January 30, 2020, 3:06 PM GMT) -- Lloyd's of London expects to complete the transfer of contracts to its post-Brexit hub by the end of the year, the corporation said on Thursday.

The 330-year-old insurance market said it has been transferring insurance contracts with European customers dating back to 1993 to recently established Brussels subsidiary, a process known as a Part VII transfer.

The U.K. will leave the European Union on Friday, beginning a transition period that will last at least until Dec. 31. The country is then expected to depart with a trade deal or on World Trade Organization terms.

"Following the end of the transition period,...

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