We have decided to focus our efforts on creating a subsidiary or company model within the European Union as we believe this option will offer our customers in the UK and outside the access they expect to the EU and the Lloyd’s market.

We will continue developing this option in consultation with the market and will come back with further details later in the quarter.

Our position remains that it would be in Lloyd’s best interest and that of the City as a whole, if we continued to have the ability to access the single market freely. We will continue to work alongside the industry and with the Government in any way we can to facilitate this. The flow of business from London to Europe and vice-versa is a critical element of what makes London the heart of the world’s financial sector.

Lloyd’s will remain headquartered in London.

Lloyd's response to promise to invoke Article 50