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Brexit to bleed $75 billion in EU insurance business from UK

Posted On: Sep. 3, 2019 5:52 AM CST

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The U.K.'s insurance sector is moving £61 billion ($75 billion) worth of business to financial centers in the European Union due to Brexit, Bloomberg reported. The Bank of England said that about £5 billion worth of insurance policies will still be in the United Kingdom if Brexit takes place on Oct. 31. Lloyd’s of London said that it would transfer its entire £3 billion worth of EU business by Oct. 31, 2020.

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