Lloyd’s confirms European base plans
Saturday, 01 21 2017, Category: Insurance and Reinsurance, Country: United Kingdom
Lloyd’s of London will set up European headquarters outside Britain, with chief executive officer Inga Beale confirming the plans.
Earlier this week we told you about Lloyd’s chairman John Nelson stating that the company will create a European base by April, and now Inga Beale has added her voice, pointing to Theresa May’s speech as a primary cause for the move.
Speaking in an interview on Bloomberg TV, Beale outlined that the company would determine a location “likely to be somewhere on the continent” within the first quarter and stated that May’s speech “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 added that her expectation is that passport right will be lost and so it is necessary for Lloyd’s of London to move quickly especially as approvals could take anything from 12-18 months.
Source: Insurance Business