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Lloyd's of London to establish EU base in 2017

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Lloyd's of London has become one of the first major London businesses to confirm it will move a part of its operations to the continent in reaction to the UK’s vote to leave the EU.
London’s Lloyd's insurance market has now created a shortlist of five possible destinations for the new subsidiary, according to the Financial Times.
The group will put a proposal before members of the market by February, before the triggering of Article 50.
Nelson said that the market had decided it needed to act sooner rather than later to protect the 11 per cent of its revenues coming from Europe.

“Insurance is a mobile business,” he told the FT.

“In common with other financial institutions, we need to put our plans in place — at least on a precautionary basis,” he added.

Written by Adam Cadle – Insurance Asset Management Europe
15/12/2016