Lloyd’s Brussels subsidiary, set up following the UK’s Brexit decision, has received financial ratings equal to those of the London-based parent.

AM Best has confirmed an “A” rating, S&P A+ and Fitch AA-.

Lloyd’s Chief Commercial Officer Vincent Vandendael says the ratings recognise the subsidiary’s importance as an insurer in the European Economic Area.

“It means our partners and clients across the region will continue to benefit from Lloyd’s strong financial ratings and the security of our central fund,” he said.

Lloyd’s Brussels has an executive committee and board based in the Belgian capital, and is recruiting for about 40 roles. It will start writing businesses from January 1.