Lloyd’s have confirmed they will move their EU operation to Brussels after it emerged last week they would confirm the location of their EU office the same day the Prime Minister triggered Article 50.
Lloyd's mentioned last year that it would lay out its post-EU referendum plans in early 2017 and promised to make an announcement before the end of March. The insurance market initially looked at a shortlist of five new locations, including Frankfurt, Paris and Dublin, which were eventually reduced to two, Luxembourg and Brussels. Lloyd's chairman John Nelson, an ardent Remain supporter, has warned in the past that the Brexit vote put London's status as an insurance leader at risk.
He has also cautioned that, while his organisation might need to shift some of its business away from the UK, "it won't be Lloyd's losing out, it will be the UK".
Lloyd's chief risk officer Sean McGovern said ahead of last June's referendum that exiting the EU would "create a level of uncertainty, for Lloyd’s, for the London market, as well as the UK and European economies, we have rarely experienced".