LONDON, March 29 Lloyd's of London,
the world's largest speciality insurance market, has picked
Brussels for its planned European Union subsidiary, The
Insurance Insider reported late on Tuesday.
It will ask its council to ratify the decision when it meets
later, the publication said, on the same day British Prime
Minister Theresa May triggers Article 50 of the EU's Lisbon
The company did not immediately respond to a request for
Lloyd's has been one of London's financial services firms
most vocal about the need for a European Union subsidiary if
Britain has no access to the single market after leaving the
On Monday Reuters reported Lloyd's shortlist of six
locations had been reduced to Brussels and Luxembourg. Dublin,
Frankfurt, Malta and Paris were dropped.
Lloyd's could move dozens of staff to its subsidiary, rather
than the hundreds some banks plan to shift, sources said.
The choice by Lloyds could affect other insurers' plans.
(Reporting by Dasha Afanasieva, editing by Louise Heavens)