Lloyd’s: UK must remain in the EU

Lloyd’s chief risk officer & general counsel, Sean McGovern says that the UK remaining in the EU is in the best interests of the market.

Speaking to Lloyd's Market magazine, McGovern, who oversees legal, government and regulatory affairs and risk management for Lloyd’s says that that European business is very important to Lloyd’s and exit from the EU could result in a loss of business and a costly upheaval process.

Some 15 percent of premium income comes from the EU, excluding the UK, which McGovern says is “important to Lloyd’s”.

“We access EU countries using the fundamental freedoms of the Single Market, including the freedom to provide services cross-border and the freedom to establish in member states. We simply have to comply with the regulations of our Home State regulator in the UK,” he said.