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09 October 2018

Commercial Risk Europe: Lloyd’s accelerates Brexit plan as Beale says ‘no deal’ more likely

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Lloyd’s is stepping up implementation of its Brexit contingency plan as the threat of no deal rises, CEO Dame Inga Beale said. Ahead of her departure from Lloyd’s this week, Ms Beale said Lloyd’s is “accelerating” plans for its new European subsidiary in Brussels, which will begin underwriting European risks from 1 January.

Ms Beale said the likelihood of a no-deal Brexit has increased and Lloyd’s must be in a position to handle claims from clients and policyholders in Europe after the UK leaves the European Union in March 2019.

“If we can’t serve our contracts, we are going to be transferring those contracts hopefully to our Brussels subsidiary, so we have a contingency plan,” Ms Beale said. “In fact, we are accelerating that plan because it seems to me we might be closer to a no-deal than we were.”

“Post-Brexit we won’t have the ability to continue offering insurance just from London as before, therefore we are opening a subsidiary in Brussels. We wouldn’t have done that if it wasn’t for Brexit. It’s something we have been forced to do,” Ms Beale said.

Full article on Commercial Risk (subscription required)

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