Lloyd’s of London to establish Brussels subsidiary

Ryan Bembridge

March 30, 2017

Lloyd’s of London will launch a Brussels subsidiary in a bid to counter the effects of the UK leaving the European Union.

The subsidiary is expected to be up and running by 1 January 2019.

Currently 11% of the historic insurance market’s business is from the continent.

Inga Beale, chief executive of Lloyd’s, said: “It is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU.

“Brussels met the critical elements of providing a robust regulatory framework in a central European location, and will enable Lloyd’s to continue to provide specialist underwriting expertise to our customers.

“I am excited about the opportunities this venture will offer the market by providing that important European access efficiently.”

Beale added: “It is now crucial that the UK government and the European Union proceed to negotiate an agreement that allows business to continue to flow under the best possible conditions once the UK formally leaves the EU.

“I believe it is important not just for the City but also for Europe that we reach a mutually beneficial agreement.

“We stand ready to help and support the government as best we can.”

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