Lloyd's reacts to Brexit developments
Lloyd's CEO, Inga Beale, reacts to the news that the UK and EU plan to move to the next phase of Brexit talks.
Reacting to the news that the UK and EU plan to move to the next phase of Brexit talks, Inga Beale, Lloyd’s CEO, said:
Inga Beale, Lloyd’s CEO
We are pleased that the Brexit talks can now enter the second phase focusing on trade, and that agreement has been reached on the rights of EU citizens in the UK.
However, the insurance sector still urgently needs certainty on the UK’s future trading relationship with the EU. As outlined by the London Market Group (LMG) last week the priority must be to ensure mutual insurance and reinsurance market access once the UK leaves the EU. If the LMG’s proposals are adopted neither the EU nor UK would have to sacrifice market access or control over their respective regulatory regimes.
We therefore remain very keen to see an agreement that puts in place a sensible transition period and a broad and expansive post-Brexit free trade agreement, which includes the financial services sector. In the meantime we continue to move ahead with our plans to establish a Lloyd’s subsidiary in Brussels – which will provide certainty for the market and our clients.