Lloyds of London is a 328-year-old insurance market which has been located in London since its inception in 1688. Lloyds is a partially mutualised marketplace in which multiple syndicates of financial backer’s pool together to spread the risk. Regulated by the Lloyd’s Act of 1871 and then by subsequent Acts of Parliament, it is responsible for over £26.69 billion of gross premiums on businesses in the UK.
Whilst the market intends on keeping its base in London, in a post-Brexit era of uncertainty there is consideration being given to relocating its top management to a new subsidiary in Malta. It has been known for several months that Lloyds want to open another office in an EU Member State and thought had been given to Ireland, France and Germany but recent reports say that Malta has also been added to the list. Following a delegation sent to the country last month, it seems that Malta is now the number one choice and there is no doubt the boost that it would give the islands burgeoning economy.
With 4% of Lloyds total premiums being represented by passporting rights, the decision would not only bring millions of Euros into the economy but it would encourage other big names to consider following suit.