Lloyd’s of London to establish EU base in the new year

Lloyd’s of London to establish EU base in the new year:
"Lloyd’s of London has become one of the first major City businesses to put a timetable on plans to move a part of its operations to the EU in preparation for Brexit.

The 328-year-old insurance market is in the throes of choosing a destination from a short list of five and is likely to put a proposal to its members by February next year.

The market will then seek regulatory clearance for the subsidiary, which will be used to conduct business around the EU using the “passporting” system. This allows financial services businesses to conduct trade across the bloc from a single location."

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