LLOYD’S AIMS TO MAINTAIN PASSPORTING RIGHTS

Lloyd’s is seeking to maintain its passporting rights within Europe as is looks protect the £800m ($1.07bn) of premium at risk from the UK’s exit from the EU. In a briefing to the market yesterday, Lloyd’s chief executive, Inga Beale, and global markets director, Vincent Vandendael, outlined how the corporation was implementing its contingency plans. This included engaging with the UK government “at all levels” to push for similar passporting arrangements to those enjoyed at present and commencing discussions with regulators across the continent. “The team which will oversee this programme [of work] has years of experience in securing trading rights for Lloyd’s – this is their day-to-day work. They have an expertise unrivalled in the City of London, obtaining licences in some of the most demanding parts of the world, from India to China. They are now fully engaged in this process,” Lloyd’s said in a briefing note. Lloyd's said the corporation’s “strong preference” was to operate under a passporting system. It is understood John Nelson, Lloyd’s chairman, is attending a meeting of the prime minister’s business advisory group today and has also been invited to attend a meeting with Sajid Javid, the business secretary, next week.