Lloyd’s CEO believes Brexit continuity is vital

Pre-Brexit agreements need to stay in place, Inga Beale believes

Lloyd’s CEO believes Brexit continuity is vital

Insurance News

By Terry Gangcuangco

Grandfather them, instead of transfer – that’s what Lloyd’s of London chief executive Inga Beale wants to happen to contracts after Britain leaves the European Union.

Indeed, breaking up is hard to do. According to a report by Reuters, Beale said it would be too complex a process to divide the insurance policies into EU and UK contracts.

“There’s no way we could get it done by the time (of Brexit), even if we started now,” she was quoted as saying, adding that there wouldn’t be enough lawyers and court capacity for the task.

The Association of British Insurers itself wants an orderly Brexit to avoid disruptions. ABI director general Huw Evans said the government has to deliver an orderly withdrawal, a stable transition, and a sensible and mutually beneficial future trading relationship.

Beale, on the other hand, would prefer that pre-Brexit agreements stayed in place. “It’s a big ask but we would like that all of these existing liabilities and contracts don’t have to be transferred ... they can be grandfathered,” she said.

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