Information about Great Lakes' Brexit preparations
Great Lakes operates as a UK branch of Great Lakes in London. Great Lakes has deemed authorization during the Temporary Permissions Regime from 1 January 2021 to 31 December 2023.
Great Lakes is a German registered insurance company, headquartered in Munich and regulated by BaFin. As such, the ability of Great Lakes to write insurance business within the EU/EEA will not be impacted by Brexit at all.
Great Lakes allocates its business between the UK and the EU/EEA appropriately to be post-Brexit compliant, i.e.
- UK risks will continue to be underwritten by Great Lakes UK in London. We will con-tinue to work with our clients in the same way we do today.
- Any EU/EEA risks presented to Great Lakes UK in London are written on Great Lakes paper in Munich. We aim to minimize the impact of this change of our underwriting process to our clients as much as possible.
- Multi-national policies which include both UK and EU/EEA risks need to be split and written by either Great Lakes in Munich or Great Lakes UK in London, as appropriate. We count on the co-operation of our clients and their brokers to present the respective risks split accordingly.
Thus, Great Lakes has taken all necessary steps to enable business continuity with our clients after Brexit.