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Lloyd's obtains regulatory nod for Brussels base

Lloyd's of London obtained a license approval from the National Bank of Belgium for its Brussels unit, which would be its EU base when the U.K. exits the bloc.

The Brussels unit, which will be called Lloyd's Insurance Co. SA, will write nonlife risks for the European Economic Area. Vincent Vandendael will become CEO of the unit, in addition to his current role as the insurance market's chief commercial officer.

CEO Inga Beale said in January that the Brussels unit will be "up and running" by Jan. 1, 2019, and will have up to 40 employees. Lloyd's said in April that it had begun hiring for the unit, particularly for finance, compliance, human resources and underwriting positions.