Lloyd’s and the wider London market are in discussions with the UK government to maintain passporting rights with the EU to ensure they are able to deliver sizeable chunks of premium to European buyers.
In a briefing note, Lloyd’s expressed a “strong preference” to operate under a similar passporting system to that it currently enjoys with the EU in any post Brexit scenario.
It said this is critical to allow it to continue to supply around £800m of cross-border European Economic Area (EEA) premium that is most likely to be affected by the UK’s withdrawal from the single market.
Lloyd’s is engaging with the UK government to push for passporting arrangements to remain in place and is in discussions with regulators across the continent to find a solution. It has an expert team in place to work through this process.
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