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Lloyd’s of London will move jobs to new Brussels office

The world’s largest insurance market is expected to change 100 of the 600 jobs out of London to maintain a presence in the EU after leaving the UK from the EU

Lloyd’s of London will move jobs to new Brussels office

Lloyd

Lloyd’s of London will move jobs to new Brussels office

The world’s largest insurance market is expected to change 100 of the 600 jobs out of London to maintain a presence in the EU after leaving the UK from the EU

Lloyd’s of London will announce on Thursday that it has chosen Brussels as a base for his new child of the EU to secure a European foothold after the British withdrawal from the EU.

Ads on the world’s largest insurance market will be made alongside its annual results the day after Theresa may triggered the article 50 to start the process of leaving the EU.

Lloyd, expected to shift to 100 jobs initially to Brussels from London, where about 600 people work. It has a global workforce of 900. This will develop the details of the move with regulators over the coming months to ensure that the new hub is powered when the UK leaves the EU in two years.

The headquarters of Lloyd’s will remain in London, but its chief Executive, Inga Beale, regularly visits Brussels the hub, along with other foreign missions of the market. The new subsidiary will be similar to its Dubai office, which serves clients in the Middle East and North Africa, and the Chinese company based in Beijing that operates from 26 underwriting Department.

Lloyd became the first major financial institution in the UK, which chose the Belgian capital as the base of the EU. The final choice came down to Brussels and Luxembourg, from the list of European cities, which also includes Dublin and Malta.

The decision was made by the franchise Board of Lloyd’s, which monitors and regulates the market, on Tuesday and was ratified by the Council – the governing body – at a meeting the next day. Lloyd declined to comment.

Founded in 1688, Lloyd’s is the world’s oldest insurance market, where insurers do business through brokers. It started as a coffee shop in town, where merchants and ship owners met.

The Chairman of the market, John Nelson, said last week the press Association that there was “great enthusiasm from a number of EU countries for Lloyd to come to their country.” He added that the reputation for regulation is an important factor in the selection process.

Lloyd wants to make sure he can still serve its European customers. Your business with Continental Europe is around £3 billion a year, or 11% of their premiums.

Nelson said that Lloyd had no choice but to take drastic measures. “We decided to move quickly and decisively because we are the market. And if our stakeholders believe that we were not going to be in this position, you can imagine that the business may have going – and the answer is, it’s not, and they consulted all the way through.

“Some of our managing agent, some of our large insurance companies don’t make decisions at the moment. They will have pretty soon. But we have to. We have no choice,” he said.

Lloyd’s has been lobbying the UK government to protect the rights of certification – which allow UK banks and insurers doing business in the other 27 EU countries – to organizations and syndicates, 97.

As Nelson said last week: “going to the shore of the EU, we could create more opportunities for yourself in terms of growing our franchise in the EU, which would be good. This is a long term goal, not something that will happen overnight”.

Frankfurt is becoming the preferred destination for many of the investment banks that want to move employees out of London. According to reports Japanese banks Nomura and Daiwa leaning towards a German financial center.

“Goldman Sachs”, which employs 6,000 people in London, said that the move hundreds of bankers in Frankfurt and Paris, while shares of HSBC in transition 1,000 investment banking jobs from London to the French capital. He already has a significant presence in France after the purchase of credit commercial de France in 2000.

Insurance giant AIG in the us this month announced that it will be created a child of the EU in Luxembourg, where it already has a branch to serve customers of the EU after leaving the UK from the EU.

Others, such as JP Morgan have not yet decided on the place – its chief Executive officer Jamie Dimon warned that up to 4,000 of its 19,000 UK employees can be moved.