Chief Executive officer of Lloyd’s of London, Inga Beale, confirmed that, due to the Brexit vote and soon to be exit of the UK from the European Union single market, Lloyd’s of London is looking to open a European base for the company. Although the location has not been confirmed, talks of setting up in Switzerland or Ireland have been heard in the marketplace.
This new set up for Lloyd’s of London will be determined “within the first quarter of 2017” and Inga Beale added that PM Theresa May’s speech about Brexit “confirmed that to stay in the single market is not a priority and it’s not going to happen and that means we have to go ahead with our contingency plans.”
Beale highlighted the need for Lloyd’s of London to move quickly especially as approvals could take anything from 12 to 18 months. She is expecting that passport rights will be lost with leaving the EU, which could have damaging effects on its operations.
The insurance industry is worried by the consequences that could come from Brexit, as it could affect which are already small margins.
Several companies have joined Lloyd’s of London in considering moving at least some operations outside the UK including banking namesake Lloyds Banking Group, as well as HSBC, JPMorgan Chase & Co and UBS Group.
Posted on Tuesday Jan 24