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Lloyd’s to announce location of EU subsidiary by end of month: Reports

24th March 2017 - Author: Luke Gallin

The specialist Lloyd’s of London insurance and reinsurance marketplace is to reveal the location of its post-Brexit EU subsidiary on the same day Prime Minister Theresa May triggers Article 50, which marks the start of the official UK Brexit process, according to Sky News.

The Lloyd’s council is due to meet next Wednesday, March 29th 2017, and will approve the establishment of its new EU subsidiary in either Belgium or Luxembourg, reports Sky News.

Lloyd’s announced previously that it was considering a number of new locations for its post-brexit EU subsidiary, with Ireland, Malta, Luxembourg, Belgium and Germany being possible domiciles.

In a statement released to Sky News, a spokesperson for the Lloyd’s of London marketplace, said; “We will present further details of our plans to open a subsidiary in the EU by the end of this month. It is important for Lloyd’s, the market and our customers, that we are‎ able to provide continued access to the EU once the UK formally leaves, but equally, customers in Europe want that same access to the Lloyd’s market.”

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