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Lloyd's confirms Brussels subsidiary

Press Association logoPress Association 30/03/2017

Insurance market Lloyd's of London will establish a subsidiary in Brussels to maintain a presence in Europe once Britain divorces from the European Union.

Lloyd's, the world's largest insurance and reinsurance market, released a statement just a day after UK Prime Minister Theresa May formally set Brexit in motion under Article 50 of the Treaty of Lisbon.

"It is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU," Lloyd's chief executive Inga Beale said.

She said the company hoped to be writing business from the Brussels office in time for the January 1, 2019, renewal season.

The UK was on track to be out of the EU by the spring of 2019.

"it is important that we are able to provide the market and customers with an effective solution that means business can carry on without interruption when the UK leaves the EU," Beale said.

The company confirmed the plans as it unveiled its full-year results, with profits flat for 2016 after the company wrestled with "extremely challenging" conditions driven by pricing pressures.

Annual pre-tax profits came in at STG2.1 billion ($A3.4 billion), the same as the year before, but gross written premiums lifted 11 per cent to STG29.9 billion over the period.

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