Lloyd's authorised to trade in expanded EU

Lloyd's has been given the green light to write direct business in eight of the ten new EU member states.

Lloyd's was already a licensed insurer in Malta and Cyprus, the other two new EU members.

Lloyd's chairman Lord Levene said it was now authorised to trade in 72 territories throughout the world, including all 25 EU states.

Levene, who made the announcement during a visit to Lloyd's by the President of Poland, said: “These licences mark a further expansion of Lloyd's outreach in Europe.

"Our underwriters look forward to offering their expertise and resources to the rapidly changing needs of the new EU countries.

“The potential of the new enlarged European market cannot be underestimated. Expanding our presence in Europe will enable Lloyd's underwriters to better serve their existing customers while offering new and exciting opportunities to the new EU countries.”