Lloyd’s, the largest insurance market in the world, has opened its new European head office. The confirmation came on Twitter on Tuesday from the Minister of Finances, Johan Van Overtveldt. De Tijd reports that the head office will employ 50 people.
Lloyd’s of London had confirmed in May of this year that it was going to set up a European subsidiary in Brussels, owing to Brexit. The company wishes to avoid losing access to the single market when the UK leaves the European Union on March 29th, 2019.
De Tijd further reports that Lloyd’s will develop new business activities from its Brussels hub, intended for the continent. Apart from the 50 workers who have been recruited, 45 other jobs will be created in Lloyd’s divisions within the EU.
Based in London, Lloyd’s is not an insurer as such but an insurance market – indeed the most important in the world – where insurance companies work either individually, or in groups known as syndicates, to conclude contracts with clients who are seeking an underwriter.