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BREAKING NEWS

Insurer Lancashire to use Lloyd's Brussels hub after Brexit

Insurer Lancashire to use Lloyd's Brussels hub after Brexit
FILE PHOTO: British and EU flags flutter outside the Houses of Parliament in London, Britain January 30, 2019. REUTERS/Toby Melville -
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TOBY MELVILLE(Reuters)
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By Noor Zainab Hussain

(Reuters) - Property and casualty insurer Lancashire Holdings Ltd will use insurance market Lloyd's of London's European Union hub in Brussels after Britain leaves the European Union, its top boss told Reuters.

"We have negotiated with Lloyd's and we will write businesses that are affected by Brexit through our Lloyd's platform, through Lloyd's Brussels ... That is a great solution for us," Chief Executive Officer Alex Maloney said.

Lloyd's, which covers risks from oil rigs to soccer stars' legs, has said it would launch a Brussels unit to continue serving its customers in the European Economic Area after Brexit.

"Clearly, we do not want to lose our European business but it is not a huge driver ... None of us really know what will happen with Brexit and if that changes and we need an office in Europe, we'll open an office," he said.

Maloney flagged Dublin as an "obvious option" for a potential Brexit hub, joining rival insurer Beazley Plc. He said Lancashire had not seen any material costs yet from the looming Brexit.

Beazley, the first Lloyd's of London insurer to report results this year, changed its tune on Brexit last week, saying Britain's departure from the European Union should not present any "insurmountable challenges".

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)

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