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[LINK] “Lloyds of London are leaving London”

New Europe’s Andy King reports on how iconic British insurance firm Lloyd’s of London, in an effort to ensure that it can offer continuity of services to its European Union clients post-Brexit, has begun to shift jobs out of London to EU destinations. Ireland and Malta are apparently fronrunners.

After three centuries, the Lloyds of London will no longer be “of London.” The company is moving its headquarters, its CEO Inga Beale confirmed on Friday.

Talking to Bloomberg TV on the sidelines of the World Economic Forum in Davos, Beale confirmed that following Prime Minister May’s announcement last Tuesday, Lloyds was going ahead with its contingency plan.

Many insurance companies will be moving a big part of their operations, since passporting rights and licensing are key to the sectors’ business in Europe. Lloyds stands to lose as much as 11% of its premiums that come from Europe or little under 1bn Euros.

Lloyd’s was founded three centuries ago in London and is moving ahead because a licensing process could take more than a year. What Lloyd’s want to avoid is what the industry calls “cliff’s edge trap,” in which the service provider cannot move soon enough to ensure continuity of service.

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Written by Randy McDonald

January 23, 2017 at 8:15 pm

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