LONDON (Reuters) – Lloyd’s of London [SOLYD.UL] will press ahead with plans to establish a foothold in the European Union regardless of progress in EU divorce talks that industry groups said was welcome but did little to dispel uncertainty.
The insurance sector still needed certainty about the UK’s future trading relationship with the EU, Lloyd’s chief executive Inga Beale said in a statement, with the priority being to ensure market access.
“We therefore remain very keen to see an agreement that puts in place a sensible transition period and a broad and expansive post-Brexit free trade agreement, which includes the financial services sector,” Beale said.
Her comments echoed those of trade bodies representing the financial services industry after Britain and the EU agreed a deal that paves the way for talks on trade.
“This agreement … is a positive and encouraging step,” said Miles Celic, Chief Executive Officer of TheCityUK, the country’s most powerful financial lobby group.
“For the financial and related professional services industry, our critical issues must now be progressed. The sand in the timer is running out.”
Liberty Specialty Markets, part of U.S. insurer Liberty Mutual, which had revenues of $38 billion last year, and is one of the largest U.S, property and casualty insurers, said it was redomiciling its insurance company to Luxembourg from London.
It announced its plans for a Luxembourg hub in July.
Additional reporting by Carolyn Cohn and Anjuli Davies; editing by John O’Donnell/Keith Weir