Lloyd's of London relocates staff from the City to Brussels in time for Brexit

Europe move: Lloyd's of London
Glenn Copus
Kate Proctor31 May 2018

Lloyd's of London today said its desire to be at the “heart of Europe” was behind its decision to move staff from the City to Brussels.

The specialist insurance market will shift some functions from London to the Belgian capital by January 2019 after being given permission to open a subsidiary.

Its departure is seen as the first major move by a City firm to continental Europe following the EU referendum.

Chairman Bruce Carnegie-Brown said they had chosen Brussels because it had proven to be “constructive” in helping Lloyd’s adapt to new regulations.

He told Radio 4’s Today programme: “The proximity to London was extremely helpful, having the trains as well as the planes… and we wanted to be at the heart of Europe, and it would be hard to argue that Brussels is anywhere other than at the heart of Europe.”

He said the move would give certainty to its customers. It is expected to move about 40 of its 600 UK-based jobs to Brussels.

A trio of senior Tories — Amber Rudd, Justine Greening and Damian Green — yesterday held talks with Theresa May in Downing Street calling for a “sensible Brexit”.

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