Lloyd’s of London chooses Brussels to set up EU base

EU unit: A file picture showing the interior of Lloyd’s of London, the centuries-old insurance market, in central London. Its decision to select Brussels for its EU base comes a day after May triggered Article 50, the start of a two-year countdown to Brexit. – AFP

LONDON: Insurance market Lloyd’s of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its European Union (EU) subsidiary because of its strong regulatory framework, it said.

Lloyd’s has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move.