The UK’s impending March 2019 exit date from the European Union is fast-approaching, and companies in the financial services sector with operations in London are solidifying their move out of the city. The Lloyd’s of London subsidiary in Brussels now has a suite of policy documentation to support its underwriting of risks from the European Economic Area, in addition to the licence approval from the National Bank of Belgium it received in May.
While Lloyd’s is prepared for the divorce, Brexit poses a serious risk to multinational businesses. Global insurance broker Marsh identified the ongoing negotiations as a top event contributing to worldwide turbulence in its 2018 Political Risk Map, alongside a North Korea missile crisis and trade protectionism.
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