Lloyd’s of London and other insurers will be forced to move part of their businesses to the European Union if they fail to access the single market following Britain’s decision in June to leave the bloc, Chairman John Nelson said on Monday.
“If we do not get access to the EU single market, what will happen is that business will be written by us and others” in mainland Europe, Nelson said in a BBC Radio 4 interview. “So in a sense, the loser will not necessarily be Lloyd’s or the industry. Sadly, it would be London.”