Insurer Lloyd’s of London confirms new Brussels base

Lloyd's of London

Picture copyright
Getty Pictures

Lloyd’s of London says it would set up a brand new European base in Brussels to keep away from dropping enterprise when the UK leaves the EU.

The 329-year-old insurance coverage market confirmed the plan because it launched its newest annual outcomes.

“A subsidiary workplace will likely be opened in Brussels with the intention that will probably be operational for the January 1 renewal season in 2019,” it mentioned.

The corporate’s continental enterprise generates 11% of its premiums.

Different monetary establishments are additionally planning to relocate enterprise inside Europe.

A number of funding banks, together with Financial institution of America, Barclays, and Morgan Stanley are contemplating relocating workers to Dublin. Frankfurt, Madrid and Amsterdam are additionally more likely to profit. HSBC is predicted to maneuver important numbers of workers to Paris.

Lloyd’s additionally introduced it had made a revenue of £2.1bn for 2016, the identical as for the yr earlier than.

It mentioned situations over the course of the yr had been “extraordinarily difficult”. There have been £2.1bn of main claims – the fifth highest because the flip of the century – which was due primarily to Hurricane Matthew and the Fort McMurray Wildfire in Canada.

Nevertheless, Lloyd’s added that its outcomes had been helped by “considerably improved” funding returns.

Lloyd’s, one in every of Britain’s oldest establishments, is the world’s main insurance coverage and reinsurance market.

It focuses on specialist markets, equivalent to marine, power and political danger, but additionally branches out into extra uncommon areas, equivalent to insuring comic Ken Dodd’s enamel.