#AceFinanceNews – Jan.18: In Davos,Switzerland on Tuesday: Lloyd’s of London will make an announcement on its new European subsidiary by the middle of April at the latest, its chairman John Nelson said on Tuesday, as it prepares for Britain’s exit from the European Union.
“We will be ready to make an announcement in relation to our move to Europe in Q1, certainly by Easter,” Nelson told Reuters in an interview on the sidelines of the World Economic Forum in Davos.
The world’s leading specialty insurance market has said it is going to set up a new subsidiary so it can have guaranteed access to the EU when Britain leaves the bloc.
Nelson said Lloyd’s would move some senior staff members over to the new EU entity once it’s established.
“We want to have a real presence in Europe with underwriters having the ability to underwrite. It will be a mixture of people from various departments such as regulatory, compliance, risk management etc”.
Lloyd’s is considering five locations for its new subsidiary, including Dublin. (Reporting by Pamela Barbaglia; writing by Rachel Armstrong; editing by Anjuli Davies)By Reuters
Published: 10:36, 17 January 2017 | Updated: 10:36, 17 January 2017 DM
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