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Lloyd's 'has plans' for UK exit from EU

By Ravender Sembh

Insurance market Lloyd's of London has said it is putting plans in place that will ensure it continues trading across Europe following Brexit, weeks after its chairman warned that the group could be forced to move parts of its business to the EU.

In a joint statement, John Nelson and chief executive Inga Beale said: "As you would expect, we are advancing our plans for how Lloyd's will continue trading with EU countries when the UK's membership of the EU ends.

"Continental Europe will continue to be an important market for Lloyd's since it accounts for 11% of gross written premium, and we fully expect to maintain our position in the new post-Brexit landscape."

The company has also put plans for a Lloyd's underwriting index on hold.

Mr Nelson said that unless access to the single market is secured, Lloyd's could move parts of its business to the continent.

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