Why Scottish Widows Europe? Scottish Widows Europe (“SWE”), a subsidiary of Scottish Widows Limited, was formed in Luxembourg to ensure ongoing support for its EU business following the UK’s EU departure. It is authorized to carry out life insurance activities throughout Europe. The portfolio of SWE is largely represented by with-profit policies (but also includes unit-linked policies), originally sold through the Clerical Medical Brand. The portfolio has c.€2 billion assets, with approximately 45,000 policyholders. Since March 2019, the business has been run from Luxembourg. SWE relies on outsourcers to provide policyholder service and administration. SWE is part of Scottish Widows Limited, a wholly owned subsidiary of Lloyds Banking Group (“LBG”) and a well-established life and pension company in the UK. Its product portfolio includes life assurance, pensions, investments, and savings. The company has been offering financial services to the UK market since 1815