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Lloyd’s to Stay in London, Cuts Mulled

Lloyd’s of London will stay in London, but there may soon be fewer people working there. Following the U.K.’s vote in favor of exiting the European Union, there was speculation that Lloyd’s might move to an EU country...
May 23, 2017

Lloyds

Lloyd’s of London will stay in London, but there may soon be fewer people working there. Following the U.K.’s vote in favor of exiting the European Union, there was speculation that Lloyd’s might move to an EU country. Vincent Vandendael, chief commercial officer, Lloyd’s, told A.M. Best that the market  has set up a new company in Brussels, but plans to continue to run underwriting, claims and other operations at its iconic U.K. headquarters at 1 Lime Street in London.

Vandendael said the real difference that a policyholder or an MGA will see in the U.S. is the syndicate using an additional stamp. “It is going to be the Lloyd’s of Europe subsidiary stamp, in addition to the syndicate stamp. For the rest, everything will remain unchanged,” he said.

This will provide little solace to some of the people who work at Lloyd’s. Lloyd’s said it has launched an internal review that could lead to an unspecified number of job cuts. The reductions, to be announced in Q3, were being looked at as a result of “the very difficult market conditions” and the reduction of subscription activity by 10%. Lloyd’s said the process will have no effect on its plan to open an office in Brussels.

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