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Lloyd's boss discusses Brexit with Prime Minister’s advisors

Lloyd's boss discusses Brexit with Prime Minister’s advisors

Lloyd Lloyd’s of London chairman John Nelson is in talks with the government about the implementation of contingency plans for the UK’s withdrawal from the European Union.
 
Nelson met with the prime minister’s business advisory group on June 30, Reuters reported, and will meet with business secretary Sajid Javid next week.
 
In a statement following last week’s referendum, Nelson said Lloyd’s has a “well-prepared” contingency plan in place and that it will be “fully equipped to operate in the new environment.”
 
Nelson said Lloyd’s business will not be changed for the next two years.
 
“I am confident that Lloyd’s will stay at the centre of the global specialist insurance and reinsurance sector, and I look forward to continuing our valuable relationship with our European partners,” he said.
 
Lloyd’s, which campaigned against the Brexit vote, is seeking to retain insurers’ “passporting” trading rights with the other 27 member countries of the EU, the Financial Times reported.
 
According to the report, Lloyd’s said about £800 million or 4% or its £27 billion global gross written premium would be affected by the Brexit move.
 
The report said Lloyd’s has stressed that policies written before the UK’s formal exit would not become invalid.
 
Lloyd’s chief Inga Beale has also met with insurers operating in the market, the Financial Times also reported, and laid out plans in preparation of the UK’s departure from the regional economic bloc.
 
 
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