Lloyd’s presses ahead with Brexit plans after deal announced
Reprints
(Reuters) – Lloyd’s of London will press ahead with plans to establish a foothold in the European Union regardless of progress in EU divorce talks that industry groups said was welcome but did little to dispel uncertainty.
The insurance sector still needed certainty about the U.K.’s future trading relationship with the EU, Lloyd’s chief executive Inga Beale said in a statement, with the priority being to ensure market access.
“We therefore remain very keen to see an agreement that puts in place a sensible transition period and a broad and expansive post-Brexit free trade agreement, which includes the financial services sector,” Ms. Beale said.
Lloyd's announced earlier this year that it would establish an EU hub in Brussels.
Her comments echoed those of trade bodies representing the financial services industry after Britain and the EU agreed a deal that paves the way for talks on trade.
“This agreement ... is a positive and encouraging step,” said Miles Celic, CEO of TheCityUK, the country’s most powerful financial lobby group.
“For the financial and related professional services industry, our critical issues must now be progressed. The sand in the timer is running out.”
Liberty Specialty Markets, part of Liberty Mutual Insurance Co., which had revenues of $38 billion last year, said it was redomiciling its insurance company to Luxembourg from London.
It announced its plans for a Luxembourg hub in July.
