The day after the UK filed for divorce from the European Union, Lloyd’s of London announced Brussels is to host a new European hub for the Insurance market. John Nelson, the current Chairman at Lloyd’s, noted Brussels was picked from a shortlist of five or six countries due to the talent pool existing in the Belgian capital, and the clear rules surrounding regulation. Brussels was also chosen due to the likelihood Belgium will remain in the EU which was one of the factors that counted against Paris. Inga Beale, CEO of Lloyd’s, confirmed the subsidiary office in Brussels would allow Lloyd’s to carry on without interruption when the UK leaves the EU. Whilst is has not yet been decided who will run the Belgian office, it is due to open in January 2019.
Author: AFL Insurance Brokershttps://www.aflib.com
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