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Lloyd's of London chooses Brussels for EU base on strong regulation
Money News | Thu Mar 30, 2017 | 3:21pm IST
By Carolyn Cohn | LONDON
© 2017 Reuters. All Rights Reserved.
Source; excerpts follow:

Quote

Insurance market Lloyd's of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its European Union subsidiary because of its strong regulatory framework, it said on Thursday.

Lloyd's has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move.

The decision comes only a day after British Prime Minister Theresa May triggered Article 50 of the EU's Lisbon Treaty, the start of a two-year countdown to Brexit…

… U.S. insurer AIG said this month it was setting up an EU hub in Luxembourg, and Lloyd's insurer Hiscox is choosing between Luxembourg and Malta.

Brussels was attractive because of its talented workforce and place at the heart of the EU, Nelson said. Lloyd's gets around 11 percent of its business from Europe excluding Britain.

"The next question is how many of the other UK-domiciled insurers and reinsurers will follow," said Sarj Panesar, global head of business development for insurance at Societe Generale Securities Services.

"We can expect some to join Lloyd's in Brussels."…

Read full article.

The fallout from Brexit uncertainty continues; talent and business flees the UK… or at least plans for the worst. I haven't read anything recently about negotiations or breakthroughs, so it's looking like a "hard Brexit": Just get out and worry about the trade treaties later. It's hard to tell how this will play out: Will Britain be hoisted on its own petard, and/or will other nations separate from the EU? I believe the "trade bloc" concept has value, so I'm puzzled by the desire to break away.

As I've mentioned, Europe has been a war zone for its entire history. Having members with common goals, and forums for discussing differences, could/should be a very positive influence.
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5 Comments On This Entry

They've had offices in the U.S. for more than a century. https://www.lloyds.c...cas/US-homepage They've got offices in China. Now they're putting an office in the E.U because their London offices won't be in the E.U. any more. Foreign offices are nothing new for Lloyd's of London. The article reads like the profit will still go to the home corporation in the U.K. What's the problem here for them except for the expense of setting up an office in Belgium?
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imposter, on 04 April 2017 - 12:12 PM, said:

They've had offices in the U.S. for more than a century. https://www.lloyds.c...cas/US-homepage They've got offices in China. Now they're putting an office in the E.U because their London offices won't be in the E.U. any more. Foreign offices are nothing new for Lloyd's of London. The article reads like the profit will still go to the home corporation in the U.K. What's the problem here for them except for the expense of setting up an office in Belgium?


The problem is Brexit and the uncertainty surrounding it; here’s the key phrase bolded:

Quote

Lloyd's has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move.

Even though the UK is leaving the EU, they will still have to observe EU rules if they want to do business there. (This is one of the things about which the proponents of Brexit were rather quiet.) Of course, some significant portion of UK trade is done with the EU; basically, they HAVE to agree to the above if they don’t want their economy to collapse.

The UK PM has triggered Article-50 which starts the process of leaving the EU; yet we’re not hearing of any trade (or other) negotiations going on. This is what is meant by a “hard Brexit”: First get out and worry about the details later. That creates a lot of uncertainty for UK-based businesses (notably regulatory uncertainty), and businesses don’t like that… and folks employed by those businesses don’t like it. Consequently, a lot of businesses (and people) are looking to establish themselves inside the EU so they don’t experience too much disruption.

Staying based in the UK, especially if you don’t have a corporeal presence in the rest of the EU, may result in having a figurative rug pulled out from under you. This is why Lloyds is opening the office in Brussels, and it’s why others may follow. That’s what makes newsworthy; it is Brexit “fallout”.
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MADGestic, on 04 April 2017 - 07:26 PM, said:

imposter, on 04 April 2017 - 12:12 PM, said:

They've had offices in the U.S. for more than a century. https://www.lloyds.c...cas/US-homepage They've got offices in China. Now they're putting an office in the E.U because their London offices won't be in the E.U. any more. Foreign offices are nothing new for Lloyd's of London. The article reads like the profit will still go to the home corporation in the U.K. What's the problem here for them except for the expense of setting up an office in Belgium?
The problem is Brexit and the uncertainty surrounding it; here’s the key phrase bolded:

Quote

Lloyd's has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move.
Even though the UK is leaving the EU, they will still have to observe EU rules if they want to do business there. (This is one of the things about which the proponents of Brexit were rather quiet.) Of course, some significant portion of UK trade is done with the EU; basically, they HAVE to agree to the above if they don’t want their economy to collapse. The UK PM has triggered Article-50 which starts the process of leaving the EU; yet we’re not hearing of any trade (or other) negotiations going on. This is what is meant by a “hard Brexit”: First get out and worry about the details later. That creates a lot of uncertainty for UK-based businesses (notably regulatory uncertainty), and businesses don’t like that… and folks employed by those businesses don’t like it. Consequently, a lot of businesses (and people) are looking to establish themselves inside the EU so they don’t experience too much disruption.Staying based in the UK, especially if you don’t have a corporeal presence in the rest of the EU, may result in having a figurative rug pulled out from under you. This is why Lloyds is opening the office in Brussels, and it’s why others may follow. That’s what makes newsworthy; it is Brexit “fallout”.


Utter rubbish. The negotations don't start until 50 is triggered!.
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scotsman, on 08 April 2017 - 09:35 AM, said:

MADGestic, on 04 April 2017 - 07:26 PM, said:

imposter, on 04 April 2017 - 12:12 PM, said:

They've had offices in the U.S. for more than a century. https://www.lloyds.c...cas/US-homepage They've got offices in China. Now they're putting an office in the E.U because their London offices won't be in the E.U. any more. Foreign offices are nothing new for Lloyd's of London. The article reads like the profit will still go to the home corporation in the U.K. What's the problem here for them except for the expense of setting up an office in Belgium?
The problem is Brexit and the uncertainty surrounding it; here’s the key phrase bolded:

Quote

Lloyd's has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move.
Even though the UK is leaving the EU, they will still have to observe EU rules if they want to do business there. (This is one of the things about which the proponents of Brexit were rather quiet.) Of course, some significant portion of UK trade is done with the EU; basically, they HAVE to agree to the above if they don’t want their economy to collapse. The UK PM has triggered Article-50 which starts the process of leaving the EU; yet we’re not hearing of any trade (or other) negotiations going on. This is what is meant by a “hard Brexit”: First get out and worry about the details later. That creates a lot of uncertainty for UK-based businesses (notably regulatory uncertainty), and businesses don’t like that… and folks employed by those businesses don’t like it. Consequently, a lot of businesses (and people) are looking to establish themselves inside the EU so they don’t experience too much disruption.Staying based in the UK, especially if you don’t have a corporeal presence in the rest of the EU, may result in having a figurative rug pulled out from under you. This is why Lloyds is opening the office in Brussels, and it’s why others may follow. That’s what makes newsworthy; it is Brexit “fallout”.


Utter rubbish. The negotations don't start until 50 is triggered!.


Why? Why wait? It’s been 9 months since the referendum; if the UK Government was serious about following through (and there’s no reason to suspect they weren’t), I’d think one of the first things to cover is what happens to your important relationships afterwards. Otherwise you’d basically be jumping off a cliff: No plan, no safety net, jump first and ask questions later. That’s unnecessarily risky when the well being of an entire nation is at stake.
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MADGestic, on 12 April 2017 - 08:59 PM, said:

scotsman, on 08 April 2017 - 09:35 AM, said:

MADGestic, on 04 April 2017 - 07:26 PM, said:

imposter, on 04 April 2017 - 12:12 PM, said:

They've had offices in the U.S. for more than a century. https://www.lloyds.c...cas/US-homepage They've got offices in China. Now they're putting an office in the E.U because their London offices won't be in the E.U. any more. Foreign offices are nothing new for Lloyd's of London. The article reads like the profit will still go to the home corporation in the U.K. What's the problem here for them except for the expense of setting up an office in Belgium?
The problem is Brexit and the uncertainty surrounding it; here’s the key phrase bolded:

Quote

Lloyd's has been one of the most vocal financial services firms about the need for an EU subsidiary if Britain has no access to the single market after leaving the bloc and is one of the first to announce such a move.
Even though the UK is leaving the EU, they will still have to observe EU rules if they want to do business there. (This is one of the things about which the proponents of Brexit were rather quiet.) Of course, some significant portion of UK trade is done with the EU; basically, they HAVE to agree to the above if they don’t want their economy to collapse. The UK PM has triggered Article-50 which starts the process of leaving the EU; yet we’re not hearing of any trade (or other) negotiations going on. This is what is meant by a “hard Brexit”: First get out and worry about the details later. That creates a lot of uncertainty for UK-based businesses (notably regulatory uncertainty), and businesses don’t like that… and folks employed by those businesses don’t like it. Consequently, a lot of businesses (and people) are looking to establish themselves inside the EU so they don’t experience too much disruption.Staying based in the UK, especially if you don’t have a corporeal presence in the rest of the EU, may result in having a figurative rug pulled out from under you. This is why Lloyds is opening the office in Brussels, and it’s why others may follow. That’s what makes newsworthy; it is Brexit “fallout”.
Utter rubbish. The negotations don't start until 50 is triggered!.
Why? Why wait? It’s been 9 months since the referendum; if the UK Government was serious about following through (and there’s no reason to suspect they weren’t), I’d think one of the first things to cover is what happens to your important relationships afterwards. Otherwise you’d basically be jumping off a cliff: No plan, no safety net, jump first and ask questions later. That’s unnecessarily risky when the well being of an entire nation is at stake.


Negotations legally cannot start until Art50 is triggered. Them's the rules. That does not mean of course that the British Govt hasn't been sitting for 9m and not planning. Of course it has.
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