February 26, 2020 / 10:04 AM / a month ago

Lloyd's of London says crucial to have EU market access

LONDON, Feb 26 (Reuters) - Britain’s insurance market must have the same access to the European Union as Bermuda and Switzerland to stay competitive, Lloyd’s of London chairman Bruce Carnegie-Brown said on Wednesday.

Lloyd’s of London has transferred 50 jobs and 300 million pounds in capital to a new subsidiary in Brussels to avoid disruption to customers in the bloc, Carnegie-Brown told a House of Lords committee.

Direct access to the EU from London, known as equivalence, would avoid additional costs, he said.

“If you want a global insurance policy that covers EU and non-EU risks, you have to have two insurance policies. That is unhelpful in terms of our competitive position,” Carnegie-Brown told the EU sub-committee on financial affairs.

It would be surprising if Bermuda and Switzerland continued to have access to the EU market and Britain did not, he said.

“That might pose medium-term disadvantages to us if we don’t enjoy the benefits around equivalence in reinsurance,” he added.

Reporting by Huw Jones and Carolyn Cohn

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