Lloyd’s Nelson reinforces importance of services in Brexit deal

Lloyd’s of London chairman John Nelson reiterated the importance of re/insurers’ ability to transact business in the European Union (EU) in response to a speech by UK Prime Minister Theresa May.

May had confirmed to invoke Article 50 by March-end 2017 which officially starts the process to leave the EU, during her speech at the Annual Conservative Party Conference in Birmingham.

Article 50 is part of the Lisbon Treaty and triggers a two-year negotiation process with the remaining 27 members of the EU, which also need to approve the agreement.

Nelson fully supported the Prime Minister in her decision to provide business with more certainty around the timing of when Article 50 will be invoked. He also reiterated that it is vital to reinforce the importance of services in any future deal.

“I speak for many in the financial services industry both in the UK and within the EU when I say that in the months ahead, I hope the Government is able to secure the access to the single market that has helped London become the world’s financial centre and a key component supporting the economies of both the UK and the EU," Nelson said in an emailed statement.

"Lloyd's will always be centred in London and that is not about to change. However, it is important to us that we can continue to transact business in the European Union. We know this is what businesses here and in the European Union want, and it is incumbent on us to ensure that the Lloyd's market remains open for EU business,” Nelson added.