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.
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