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Amid Brexit, Lloyd's of London sets up office in Brussels

Associated Press logo Associated Press 30/03/2017
FILE- In this Friday Nov. 11, 2005 file photo, workers in Lloyd's, the world's leading specialist in the insurance market according to the company, stand in silence during the annual wreath laying ceremony for Armistice Day in the Lloyd's Underwriting Room, in the City of London. Insurance market Lloyd's of London is setting up a subsidiary in Brussels so that it can continue to write insurance in Europe once Britain leaves the European Union, Lloyds said Thursday, March 30, 2017. (AP Photo/Lefteris Pitarakis, File) © The Associated Press FILE- In this Friday Nov. 11, 2005 file photo, workers in Lloyd's, the world's leading specialist in the insurance market according to the company, stand in silence during the annual wreath laying ceremony for Armistice Day in the Lloyd's Underwriting Room, in the City of London. Insurance market Lloyd's of London is setting up a subsidiary in Brussels so that it can continue to write insurance in Europe once Britain leaves the European Union, Lloyds said Thursday, March 30, 2017. (AP Photo/Lefteris Pitarakis, File)

LONDON — Lloyd's of London is setting up a subsidiary in Brussels so that it can continue to write insurance in Europe once Britain leaves the European Union.

Lloyd's, which is an insurance market, says the move is necessary because EU rules prevent it from selling insurance in the single market if it isn't registered and regulated inside the bloc.

Lloyd's says in a statement Thursday that it chose the Belgian capital for its EU base because it provided a "robust regulatory framework."

Lloyd's says that only about 100 jobs will be leaving London, though that number could increase. The company says it intends to have the Brussels office up and running so that it can write business beginning in January 2019.

As an insurance market, Lloyd's brings together insurance companies to help them pool and spread risk.

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