Luxembourg has reportedly emerged as Lloyd’s of London’s most favoured destination for its new outpost in the European Union.
According to a report by
The Financial Times, Lloyd’s is now leaning towards the country as its next EU hub post-Brexit after shortlisting other locations including Ireland, the Netherlands, Belgium and Germany, which is supposedly the least preferred option.
Lloyd’s is planning to relocate some of its operations from London to a new base elsewhere in the EU so it can keep its passporting rights and access to the single market.
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A decision is expected to be announced by the end of the first quarter as Lloyd’s is still talking to several different locations.
“We are continuing to work through the process of establishing a subsidiary in the European Union and no decision has been taken on where that will be,” a Lloyd’s spokesperson was quoted as saying in the report. “We want to be able to provide our customers with a seamless access to the European Union and vice versa – as we know businesses in Europe will want to be able to access the Lloyd’s market.”
Meanwhile,
The Courier reports that the confidence in Luxembourg – first released by the
Press Association – comes just a week after a meeting held by the Lloyd’s franchise board, which oversees the Brexit contingency plans for the specialist insurance market.
The report also claims that Lloyd’s relocation from the UK could see more than 100 jobs at the insurance market transferred from London to the continent.
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