Brexit: Iconic British insurer Lloyd's of London to establish Brussels office

Lloyd's of London to establish Brussels office before UK departs EU

The insurance company will set up shop in Brussels before the UK leaves the EU

Thursday, March 30, 2017

Iconic British insurer Lloyd's of London is branching out in Brussels in order to have a European presence once Brexit is complete.

The company confirmed the move this morning, after revealing that profits for 2016 were flat due to "extremely challenging" conditions, driven by pricing pressures.

The decision to choose the Belgian capital as the firm's EU base was made during a meeting of Lloyd's' franchise board, the day before Theresa May triggered Article 50.

It’s thought 100 jobs will be moved from London as a result, but the number could increase as the company gets more settled in Brussels.

Chief executive Inga Beale told the BBC why the decision was made: "We wanted jurisdiction which had a really robust reputation for regulation.

“We wanted access to talent and we wanted accessibility. Brussels came out top of our list."

The company have said they aim for the move to be complete and for work from the office to begin from January 1 2019.