Follow Us

Follow us on Twitter  Follow us on LinkedIn

News

Summer holidays from today … back on 9th September! I wish all my readers Happy Holidays – wherever you are allowed to go!

Why not try our new service? Brexit and the City - the Impact

"Brexit has ended the Golden Age of the City" video with Federal Trust Director Brendan Donnelly

Brexit and the City of London: April 2021 Video Update

 

09 October 2018

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


Default: Change to:


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)



© Commercial Risk Europe


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment