Lloyd's, the insurance market, is likely to be an early loser from the UK's vote to leave the EU, as the insurers that use its London hub prepare to shift some of their operations out of the country.
Global insurers say that one of the big attractions of operating via Lloyd’s is that it offers direct access to EU markets. But EU officials said over the weekend that the UK was likely to lose that right, known as passporting. So a number of global insurers are now planning to either set up new subsidiaries elsewhere in the EU or repurpose those they already own. However, Miguel Ortiz, a senior partner at Boston Consulting Group, said Lloyd’s could compensate for the loss of business in London. “It has a strong global position and there is the opportunity for renegotiations to take place. And it is primarily an Anglo Saxon market, which is also growing in Asia,” he said.