(Bloomberg) – Lloyd's of London, the insurance market founded in the British capital in 1688, plans to open a European Union hub in Brussels following the U.K. vote to leave the bloc.
The company expects the office to be open by the beginning of 2019, it said in a statement on Thursday. Headcount for the new operation will be in the "tens, not the hundreds," with some people moving from London and some recruited locally, Chairman John Nelson said in a Bloomberg TV interview.
Related: Inside Lloyd's: Demystifying the inner workings of the world's most famous insurance market
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