28 June 2016Alternative Risk Transfer

London market can prevail despite Brexit, says Lloyd’s CEO

Lloyd’s chief executive officer Inga Beale believes that Lloyd’s and the London insurance market will adapt to the new environment after the UK has officially left the EU and that London can maintain its position as the global heart of specialist insurance and reinsurance.

“Lloyd’s will press ahead by implementing our contingency plan, which is designed to ensure we can continue to trade in our key European markets,” she wrote in an open letter in the Financial Times.

“It is important to note that, until the formal negotiations to leave the EU are concluded, Lloyd’s and the London market will retain all current access to EU markets for the next two years. No existing Lloyd’s policies will be affected by this result and business continues as usual through into 2017,” she added.

Lloyd’s needs to ensure that its platform remains attractive and that it demonstrates that it is best placed to provide businesses with risk transfer products they need, she noted. For London to preserve its prominent position in insurance and remain competitive it needs to continue being able to attract the best talent from the EU, she said. Beale also pleaded for swift negotiations over the UK-EU relationship as “uncertainty will slow down investment and stifle economic growth.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
7 July 2016   Aviva’s limited reliance on EU passporting of services and a robust balance sheet has prepared it well for the consequences of the United Kingdom’s exit from the European Union (EU), chief executive officer Mark Wilson said during the insurer’s capital markets day.