LONDON, March 30 Lloyd's of London,
the world's largest specialty insurance market, has chosen
Brussels for its European Union subsidiary because of its strong
regulatory framework, it said on Thursday, confirming earlier
Lloyd's has been one of the most vocal financial services
firms about the need for an EU subsidiary if Britain has no
access to the single market after leaving the bloc.
The decision, initially reported by The Insurance Insider,
comes the day after British Prime Minister Theresa May triggered
Article 50 of the EU's Lisbon Treaty, the start of a two-year
countdown to Brexit.
"Brussels met the critical elements of providing a robust
regulatory framework in a central European location, and will
enable Lloyd's to continue to provide specialist underwriting
expertise to our customers," chief executive Inga Beale said in
The EU subsidiary aims to be ready to write insurance
business in time for the Jan 1, 2019 renewal season, Lloyd's
Also on Thursday, Lloyd's of London reported profit of 2.1
billion pounds for 2016, steady from 2015.
(Reporting by Carolyn Cohn and Lawrence White; Editing by