Lloyd’s of London has come up with a plan so that it won’t lose business when the UK leaves the EU, it will have a new European subsidiary in Brussels.
The insurer confirmed the plans as it released its latest annual results.
It said: “A subsidiary office will be opened in Brussels with the intention that it will be operational for the January 1 renewal season in 2019,”
Lloyd’s of London’s chief executive Inga Beale told the BBC’s Today programme why Brussels was the chosen destination: “What we were after was some jurisdiction that had a really robust reputation for regulation, we also wanted to be able to access talent and we wanted really good accessibility.”
“Brussels came out top of our list.”
Beale spoke of how the Brussels office was just an additional base, it is simply an EU subsidiary. Less than 100 jobs are being affected.
The firm has around 700 London employees. However, the market it runs means it has more than 30,000.