Insurers Lloyd's of London to establish a new European subsidiary 30 March
- says it will establish a new European subsidiary in Brussels to avoid losing business when the UK leaves the EU.
The 329-year-old insurance market confirmed the plan as it released its latest annual results.
"A subsidiary office will be opened in Brussels with the intention that it will be operational for the January 1 renewal season in 2019,"
The company's continental business generates 11% of its premiums.
Lloyd's of London's CEO Inga Beale earlier told the BBC's Today programme Brussels had certain key attractions:
"What we were after was some jurisdiction that had a really robust reputation for regulation, we also wanted to be able to access talent and we wanted really good accessibility.
"Brussels came out top of our list."
The BBC has more here
The revamped London building was in fact sold to the Chinese in 2013 for £260m by German asset management fund Commerz Real. Lloyds have a lease until 2031.
See? Nothing's really that precious.
Ryan has already reported this morning on news from JPM and Goldmans. There wil be lots of news like this over the next months years in an ever-shifting landscape
