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Lloyd's may move staff to Ireland if UK loses single market access

By Michael Cogley

Published 06/09/2016

Lloyd's of London chairman John Nelson
Lloyd's of London chairman John Nelson

Specialist insurance market Lloyd's of London could move some of its staff to Ireland should the UK lose its access to the Single European Market as part of the Brexit negotiations.

The umbrella group said it is currently looking at setting up 'onshore' businesses that would include the establishment of various branches in European member states, a spokesman told the Irish Independent.

Lloyd's currently rates all of its European business, which amounts to around 11% of its gross written premiums, from its London headquarters and confirmed the firm's head office would be staying there.

A spokesperson for the market didn't rule out Ireland as a potential destination for the firm's overseas branches.

Lloyd's main market remains in the US with 85% invested in the market coming from abroad.

In an interview with BBC Radio yesterday, Lloyd's chairman John Nelson said the Brexit talks will require a joined-up and decisive government.

"If we are not able to access the single market, either through passporting rights or other means, the inevitable consequences for Lloyd's - and indeed other insurance organisations - will be that we will transact the business onshore in the EU, and that obviously will impact on London's competitive position," he said.

Belfast Telegraph

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