Lloyd’s new Brussels subsidiary may become obsolete: CEO

Lloyd's of London CEO Inga Beale suggested in a Reuters interview that the plan to create a subsidiary in Brussels may be unravelled.

In March Lloyd’s said that it will be setting up a new European insurance company to be located in Brussels to secure access to the EU market after Brexit.

As the UK is leaving the EU, London, as an important re/insurance hub, is worrying that it might lose EU passporting rights. The mechanism provides a company authorised in one member state the ability to conduct cross-border business without being required to apply for any additional authorisation or hold assets locally.

Beale now said that if Britain did retain access to the EU's single market, the Brussels hub would likely not be needed.

"Fundamentally, if something does change, we can of course pull all that back," Beale said.

However, Beale also said that speculation of a soft Brexit would not affect Lloyd's' plans because it was not clear what that would entail.

"We just don't know what this definition of soft would mean," she said.

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