Brexit: Lloyd’s of London will Open a Branch in Brussels

With the Brexit negotiations to start, Lloyds of London has said that it will open a branch in Brussels

The famous Lloyd’s of London insurance market said on Thursday it would open an office in Brussels to maintain unhindered access to the mainland facing the uncertainties raised by Brexit.

“In light of the decision of the UK to leave the European Union, a branch will be opened in Brussels”, the company said in a statement issued the day after the formal opening of the procedure Brexit.

It hopes that this new office to work for a period located around January 1st, 2019.

“The company will be able to underwrite risks from all 27 countries of the European Union and the 3 Member States of the European Economic Area following the departure of the United Kingdom from the European Union. Our customers and partners and will continue to have access to the Lloyd’s market innovative solutions “ , the company said.

It did not specify the number of employees who would be affected but the agency Press Association said that a hundred employees currently based in London would be transferred to the Belgian capital. The number of employees on-site could still increase once the activity is initiated.

Lloyd’s employs just under a thousand people or less, for example, that large British banks with tens of thousands of employees. This is indeed not an insurer but an insurance market and specialist reinsurance, also its weight in the sector it is much more important than what might suggest its workforce.

The choice of Brussels is a surprise, Dublin and Luxembourg have also been raised in recent months among the possible choices.

“Brussels brings together the essential elements providing a sound regulatory framework in a central location in Europe, and will enable Lloyd’s to continue to offer its underwriting expertise to specialized clients”, said the CEO of Lloyd’s, Inga Beale.

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