A Brussels subsidiary is planned for 1 January 2019 from the 329-year old insurance market, though the numbers of jobs in the subsidiary is only expected to be in the tens.
News of Lloyd’s of London’s Brussels subsidiary puts pressure on the government to deliver free trade with Europe and protect jobs in the insurance sector, Jason Berry of GI provider Uinsure claimed.
A Brussels subsidiary is planned for 1 January 2019 from the 329-year old insurance market, though the numbers of jobs in the subsidiary is only expected to be in the tens.
Berry, who is director of sales at Uinsure, said: “The move puts pressure on our government to deliver on the free trade promises with Europe or else face consequences which could see huge job losses from within the insurance sector and also result in rising insurance premiums for consumers as choice becomes restricted.
"With no guarantees of a free trade agreement in Europe it was inevitable Lloyd's would mitigate their business risk by setting up a European subsidiary.
“Lloyds provides specialist insurance solutions to over 30 European countries and understandably will want to continue offering this expertise post Brexit.”
But Geoff Hall, managing director of insurer Berkeley Alexander, as well as IFA Roy Mcloughlin, associate director at Cavendish Ware, are more confident jobs and business will remain.
Hall said: “They will have tens of staff in Brussels rather than hundreds so it’s not impacting Lloyds of London as such; most of the jobs will still be in the UK.
“I think its good business practice – they are covering both bases.
“If Brexit goes well they can trade in Europe and if it goes wrong they can still trade in Europe.”
Mcloughlin said: “London is going to be very robust.
“We are still the centre of the financial services world – yes there will be a seepage but in the main it’s business as usual.
“To uproot London would be drastic and unnecessary. You’ve only got to look at the sheer number of people employed as well as hundreds of years of infrastructure.”
