LONDON, Sept 22 The Lloyd's of London insurance
market will be ready to move some of its business to the
European Union as soon as Britain starts divorce proceedings
from the bloc, its chairman said on Thursday, the first
indication that its plans are well advanced.
Earlier this month, the world's leading specialty insurance
market said it would have to operate some business from the EU
after Brexit if Britain fails to keep so-called passporting
rights allowing financial companies to sell products across the
On Thursday, chairman John Nelson told Reuters that
preparations were under way and that a plan to write insurance
elsewhere in the European Union would be in place for when the
British government starts negotiations to leave the bloc.
"Our aim is to have a contingency plan so we can write
business onshore in the EU ready by the time Article 50 is
triggered," Nelson said in a telephone interview.
More than 90 syndicates operate under the auspices of
Lloyd's, offering specialist insurance and reinsurance such as
marine, energy and political risk.
(Reporting by Carolyn Cohn; editing by John O'Donnell)