Chairman of Lloyd's of London threatens to leave the City
Monday, 09 05 2016, Category: Insurance and Reinsurance, Country: United Kingdom
London's status as a global insurance leader is at risk in the wake of the Brexit vote, according to Lloyd's of London boss John Nelson.
Nelson, chairman of the specialist insurance market, told the BBC's Today programme this morning that the company will quit the City if it is not given guarantees about its access to European markets, and added that the group wants more clarity from the government about what assurances ministers will seek during Brexit negotiations.
At the moment, the single insurance market means Lloyd’s underwriters can work in all the other 27 member states, while the EU passport system eases access across the market.
Source: City A.M.