International Finance

W Denis launches EU insurance business in Lithuania

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Insurance brokers in the UK are not in the capacity to work directly on EU-based risks

W Denis Insurance Brokers has launched a new European-based insurance broking business in Lithuania. W Denis Insurance Brokers is an independent, management owned broker. The establishment of the new business in Lithuania comes after Brexit, which has resulted in the UK losing passport rights in the European Union. 

This also implies that insurance brokers in the UK are not in the capacity to work directly on EU-based risks. However, it is possible only if the insurance broker has an authorised subsidiary in the European Union. 

Group managing director Simon Thew, told the media, “We welcome Vida as CEO of W Denis Europe. We have worked with Vida previously and look forward to developing our business in Europe. We have already had some new large EU client opportunities presented to us and this is certainly an exciting time in the evolution of the W Denis Group.”

Last week, it was reported that UK businesses won the rights to claim insurance payouts in Covid-19 related losses. The UK’s top court has ruled that business interruption policies have provided cover against the coronavirus pandemic and strict lockdown measures. 

It appears that up to 700 types of insurance policy provided by 60 various insurers are by the UK court’s ruling. Now policyholders, as a result of the ruling, will be able to claim for the coronavirus-induced losses in their local areas. Additionally, it is believed that customers’ health concerns might have lowered revenues even without lockdown would not affect payouts, media reports said.

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