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Lloyd's of London to open company in Brussels www.nhk.or.jp
The world's largest insurance market, Lloyd's of London, says it will set up a new company in Brussels to continue providing services after Britain's future exit from the European Union.
Lloyd's issued a press release on Thursday. The City-based market says it will have the new firm ready to write business beginning in January 2019.
Lloyd's Chief Executive Inga Beale said in a statement that it is important to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU.
The British government plans to withdraw from the EU single market as part of a project to leave the bloc. Concern is growing that the move may restrict the EU operations of firms based in Britain.
On Wednesday, the British government officially notified the EU of its intention to leave the bloc, triggering the process for both sides to negotiate the terms of departure.
Analysts say the talks will be tough. They also predict that more firms, including financial institutions, may relocate their bases and functions outside of Britain.
Published Date:2017-03-31
