(Bloomberg) – Lloyd's of London Chief Executive Officer Inga Beale said insurance contracts across Europe will remain at risk unless there's an agreement on how they should be treated in post-Brexit Europe.
“Regulators across Europe can actually come to an agreement themselves and find a possibility to allow all the insurers and banks on both sides to continue to service those old contracts,” Beale said in a Bloomberg TV interview on Wednesday. “That's what we're really pushing for, that contract continuity.”
Lloyd's is setting up a European headquarters in Brussels so it can sell products from a location domiciled in the European Union. While the operation should be up and running by Jan. 1, only about 40 employees will work there. “A lot of the activity that takes place in London will continue to take place in London,” she said.
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