Lloyd’s CEO comments on Brexit 'breakthrough' deal

Lloyd’s CEO Inga Beale commented on the news that the UK and EU plan to move to the next phase of Brexit talks.

UK's prime minister Theresa May has struck a last-minute deal with the EU in a bid to move Brexit talks on to the next phase. The European Commission president said it was a "breakthrough" and he was confident EU leaders will approve it, according to a Dec. 8 BBC News article.

Beale said: “We are pleased that the Brexit talks can now enter the second phase focusing on trade, and that agreement has been reached on the rights of EU citizens in the UK.

“However, the insurance sector still urgently needs certainty on the UK’s future trading relationship with the EU. As outlined by the London Market Group (LMG) last week the priority must be to ensure mutual insurance and reinsurance market access once the UK leaves the EU. If the LMG’s proposals are adopted neither the EU nor UK would have to sacrifice market access or control over their respective regulatory regimes.

“We therefore remain very keen to see an agreement that puts in place a sensible transition period and a broad and expansive post-Brexit free trade agreement, which includes the financial services sector. In the meantime, we continue to move ahead with our plans to establish a Lloyd’s subsidiary in Brussels – which will provide certainty for the market and our clients.

Take part in our reader survey to be in with a chance to win a £3,000 corporate subscription to Intelligent Insurer

More of today's news

Swiss Re CFO steps down, successor appointed

IAG enters three quota share agreements

Q3 cat losses push reinsurance sector to 2017 underwriting loss

Insurers discuss consequences of US corporate tax reform

Liberty moves UK operations to Luxembourg

Validus faces $30m California Wildfires bill 

Southern California wildfires burn homes, force evacuations

Stonybrook Capital hires director from JLT

Don't miss our insurtech email newsletter - sign up today