London market can prevail despite Brexit, says Lloyd’s CEO
Lloyd’s chief executive officer Inga Beale believes that Lloyd’s and the London insurance market will adapt to the new environment after the UK has officially left the EU and that London can maintain its position as the global heart of specialist insurance and reinsurance.
“Lloyd’s will press ahead by implementing our contingency plan, which is designed to ensure we can continue to trade in our key European markets,” she wrote in an open letter in the Financial Times.
“It is important to note that, until the formal negotiations to leave the EU are concluded, Lloyd’s and the London market will retain all current access to EU markets for the next two years. No existing Lloyd’s policies will be affected by this result and business continues as usual through into 2017,” she added.
Lloyd’s needs to ensure that its platform remains attractive and that it demonstrates that it is best placed to provide businesses with risk transfer products they need, she noted. For London to preserve its prominent position in insurance and remain competitive it needs to continue being able to attract the best talent from the EU, she said. Beale also pleaded for swift negotiations over the UK-EU relationship as “uncertainty will slow down investment and stifle economic growth.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze