Full authorisation of Great Lakes UK Branch and new Great Lakes UK Subsidiary
Great Lakes Insurance SE has made the next decisive steps to comply with the new regulatory environment following Brexit: On 28 July 2022, the PRA granted full authorisation to Great Lakes’ existing UK branch in London, which has operated under the Temporary Permissions Regime so far. Additionally, the PRA granted full authorisation to Great Lakes’ new UK Subsidiary, Great Lakes Services UK Ltd., which will be renamed Great Lakes Insurance UK Ltd. soon.
Great Lakes will continue to allocate its business between the UK and the EU/EEA appropriately in order to be post-Brexit compliant, i.e.
- New retail and small commercial business will be written through our agents by the new Great Lakes UK Subsidiary, whereas UK large single risks will continue to be underwritten by our Great Lakes UK Branch;
- Any EU/EEA large single risks presented to Great Lakes UK Branch in London are written on Great Lakes paper in Munich;
- Multi-national policies which include both UK and EU/EEA large single risks need to be split and written by either Great Lakes in Munich or Great Lakes UK Branch in London, as appropriate. We count on the cooperation of our clients and their brokers to present the respective risks split accordingly.
Great Lakes is pleased that it is now in a good position to enable business continuity with its customers after Brexit.