June 30, 2016 – Inga Beale, Lloyds CEO, has reassured London that it can continue as the global centre for specialist insurance and reinsurance after the UK breakaway from the EU.

In an open letter in the Financial Times, Beale emphasised that Lloyd’s and the London market would adapt to the new environment.

“The challenge for Lloyd’s, and the industry as a whole, is to ensure our platform remains attractive and to demonstrate that we are best placed to provide businesses with the risk transfer products they need. It is important to note that, until the formal negotiations to leave the EU are concluded, Lloyd’s and the London market will retain all current access to EU markets for the next two years. No existing Lloyd’s policies will be affected by this result and business continues as usual into 2017. However, the London insurance market must ensure it can continue to attract the best talent from across Europe and the globe to preserve its international status. Cutting off or restricting access to the diverse, multilingual, multi-ethnic talent pool in the EU is unthinkable and will make it that much harder to remain competitive in a rapidly evolving insurance market.”

Beale finished by calling politicians to show leadership and bring talks to a quick and beneficial conclusion.