The Lloyd's Franchise Board has recommended that the market chooses Brussels as the location of its post-Brexit subsidiary, Post understands.
The Franchise Board, the body which is responsible for the day-to-day running of the Lloyd’s market, recommended that the Council of Lloyd’s ratifies a plan to establish a subsidiary in Belgium’s capital city Brussels, a market insider told Post.
The source confirmed to Post an earlier story published by the Insurance Insider.
The Lloyd’s Council, the body responsible for the supervision of the Lloyd’s market, is expected to meet later this afternoon to discuss the market’s post-Brexit contingency plans, the same day Prime Minister Theresa May triggers Article 50.
The official announcement is expected to made alongside Lloyd’s annual results which are to be published on Thursday.
Earlier this week it was reported that Lloyd’s shortlist of six locations had been reduced to five options, including Brussels and Luxembourg.
Lloyd’s of London declined to comment.
Zurich disappointed in new #discountrate. David Nichols, Ch Claims Officer: "The failure to change the discount rate to a balanced level will only serve to increase the cost and, therefore, affordability of certain types of insurance - especially for higher risk customers." pic.twitter.com/ac1CfBzfxX— Zurich Insurance UK (@ZurichInsUK) July 15, 2019
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