The Lloyd’s of London insurance market will be ready to move some of its business to the European Union as soon as Britain starts divorce proceedings from the bloc, its chairman said on Thursday, the first indication that its plans are well advanced.
Earlier this month, the world’s leading specialty insurance market said it would have to operate some business from the EU after Brexit if Britain fails to keep so-called passporting rights allowing financial companies to sell products across the bloc.
On Thursday, chairman John Nelson told Reuters that preparations were under way and that a plan to write insurance elsewhere in the European Union would be in place for when the British government starts negotiations to leave the bloc.
“Our aim is to have a contingency plan so we can write business onshore in the EU ready by the time Article 50 is triggered,” Nelson said in a telephone interview.
More than 90 syndicates operate under the auspices of Lloyd’s, offering specialist insurance and reinsurance such as marine, energy and political risk.