Lloyd's CEO Beale said she expects to lose passporting rights and licensing that allows Lloyd’s of London to do business with European companies. (AP Photo/Kirsty Wigglesworth, pool)

(Bloomberg) – Lloyd’s of London is pushing ahead with plans to open European headquarters outside of Britain after the U.K. prime minister indicated the country won’t remain part of the EU’s single market, according to Chief Executive Officer Inga Beale.

The company expects to decide on a location “likely to be somewhere on the continent” in the first quarter, Beale said in a Bloomberg TV interview at the World Economic Forum in Davos, Switzerland. Prime Minister Theresa May’s  speech this week “confirmed that to stay in the single market is not a priority and it’s not going to happen and that means we have to go ahead with our contingency plans,” she said.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.