March 30 (LONDON) - One day after British PM May invoked the article 50 of the EU Constitution (confirming BREXIT), Lloyd's of London announced that it will establish a new European subsidiary in Brussels to avoid losing business when the UK leaves the EU.
The 329-year-old insurance market confirmed the plan "A subsidiary office will be opened in Brussels with the intention that it will be operational for the January 1 renewal season in 2019," it said.
The company's EU business is estimated to generate 11% of its global premium.
Lloyds of London is the biggest Insurance marketplace in the world and considered to be the founding place of Insurance as we know it now.
Brussels is the Capital of Belguim and the seat of the EU parliament.
reporting for easykobo.com on Thursday, March 30 2017 from Lagos, Nigeria
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