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Tags: EU | Britain | Lloyd's of London

Amid Brexit, Lloyd's of London Sets up Office in Brussels

Thursday, 30 March 2017 05:20 AM

LONDON (AP) — Lloyd's of London is setting up a subsidiary in Brussels so that it can continue to write insurance in Europe once Britain leaves the European Union.

Lloyd's, which is an insurance market, says the move is necessary because EU rules prevent it from selling insurance in the single market if it isn't registered and regulated inside the bloc.

Lloyd's says in a statement Thursday that it chose the Belgian capital for its EU base because it provided a "robust regulatory framework."

Lloyd's says only about 100 jobs will be leaving London, though that number could increase. The company says it intends to have the Brussels office up and running so that it can write business beginning in January 2019.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
Lloyd's of London is setting up a subsidiary in Brussels so that it can continue to write insurance in Europe once Britain leaves the European Union.Lloyd's, which is an insurance market, says the move is necessary because EU rules prevent it from selling insurance in the...
EU,Britain,Lloyd's of London
121
2017-20-30
Thursday, 30 March 2017 05:20 AM
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