(Adds more comments)
By Huw Jones
LONDON, April 26 A base in mainland Europe will
help insurer Lloyd's of London increase its market share on the
continent in the medium term, its chairman John Nelson said on
Lloyd's of London has announced it is opening a subsidiary
in Brussels so as to continue serving European Union customers
after Britain leaves the bloc.
"In terms of the EU - partly for industry structural
reasons, it has not been a hugely large market for Lloyd's - it
may actually improve. We have put down facilities onshore,"
Nelson told a conference.
"We think we will be able to operate pretty much seamlessly
as far as our customers are concerned."
Adrian Montague, chairman of insurer Aviva, said his
company was "Brexit ready".
"We don't have to do major structural surgery," Montague
Nigel Wilson, chief executive of Legal & General,
told the same conference that nervousness about Brexit will
prompt the industry to look for new business outside Europe.
"The opportunities for us are just immense," Wilson told the
Currently insurers comply with EU rules known as Solvency
II, which were only introduced last year at the cost of millions
of pounds to firms, and UK lawmakers have already begun looking
at possible amendments.
Nelson said it was the wrong moment to attack the "clunky"
EU rules as Britain would need to show the EU it complies with
similar insurance rules in order to facilitate cross-border
EU countries were already worried about a "sudden dash to
light regulation" in Britain, and it was in everybody's interest
that their rules have a similar effect.
"There is going to be a period where there needs to be
mutual reassurance that nobody is going to burn bridges... There
is no need or desire for a bonfire of regulations," Montague
(Reporting by Huw Jones; Editing by Ken Ferris)