EU is to set up a subsidiary in Brussels as its post-Brexit European base by the start of 2019. The Belgian capital met the regulatory and business requirements of the world's largest insurance market, its CEO Inga Beale said in an announcement that came the day after the UK triggered the process for leaving the European Union. The subsidiary would employ "tens" of staff drawn from existing offices and new hires. The aim of the move is to ensure there is no disruption of business with the Lloyd's of London's 27 members after the UK's departure.
Lloyd's of London is to set up a subsidiary in Brussels as its post-Brexit European base by the start of 2019. The Belgian capital met the regulatory and business requirements of the world's largest insurance market, its CEO Inga Beale said in an announcement that came the day after the UK triggered the process for leaving the European Union. The subsidiary would employ "tens" of staff drawn from existing offices and new hires. The aim of the move is to ensure there is no disruption of business with the EU's 27 members after the UK's departure.