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.”