Just as Theresa May reveals her Brexit plans, Lloyd’s of London, the world’s largest specialty insurance market, has outlined what it will do as Britain prepares to exit the European Union.
According to the market’s chairman, John Nelson, Lloyd’s will wait no later than the middle of April to make an announcement in regard to a new European subsidiary.
Speaking to
Reuters, Nelson commented “we will be ready to make an announcement in relation to our move to Europe in Q1, certainly by Easter.”
Nelson did not offer details on the insurance market’s location choice but it is believed that there are five locations under consideration, including Dublin which has the draw of maintaining the same language, a close location and tax advantages.
When it is established, however, Nelson did confirm that some senior staff would move to the new EU entity.
“We want to have a real presence in Europe with underwriters having the ability to underwrite,” he told the newswire. “It will be a mixture of people from various departments such as regulatory, compliance, risk management, etc.”
Nelson added that he is confident in London’s future whatever happens with Brexit although he highlighted one major potential issue.
“The danger is that a lot of business that might have stayed in Britain and within Europe may move to the US,” he said.
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