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 Treaty.
The company did not immediately respond to a request for comment.
Lloyd’s has been one of London’s financial services firms most vocal about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc.
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.
