Menu

Ireland's sailing, boating & maritime magazine

In association with ISA Logo Irish Sailing

Lloyd’s of London Actively Examine Dublin as Option for EU Base

17th January 2017
827 Views
Lloyds of London with its origins in marine insurance using a coffee house in 1688 is examining the Irish capital which remains on a shortlist as it finalises plan to deal with Brexit Lloyds of London with its origins in marine insurance using a coffee house in 1688 is examining the Irish capital which remains on a shortlist as it finalises plan to deal with Brexit Photo: Chris Ratcliffe/Bloomberg

#LloydsofDublin? - The option by Lloyd’s of London according to The Irish Times in setting up a subsidiary in Dublin is actively been examined, as it finalises its plan to deal with the move to Brexit.

The insurance market is due to bring a proposal to its members next month to establish a subsidiary in an EU country to safeguard its access to European markets and Dublin remains on the shortlist as the final decision approaches.

The arrival of Lloyd’s, the insurance market with a history stretching its origins in marine insurance back more than 300 years, would pose particular issues for the Central Bank. Lloyd’s members would have to agree to inject new capital into the venture, to create a fully-fledged subsidiary.

However the structure of Lloyd’s, with risk taken on by various syndicates of members, rather than the company, would require a different regulatory oversight to a normal insurance operation.

Lloyd’s was one of the first major city companies to say it would move part of its operations out of London in the wake of the Brexit vote. Its chairman, John Nelson, said that London’s status as a global insurance hub was at risk after the referendum vote. Lloyd’s quickly started looking for a base for an EU subsidiary and it was reported in December that five centres were on the shortlist. Malta is also thought to be on the list.

For more click here and an opinion piece on Afloat.ie of Dublin's Docklands as a relocation base for sectors of the London banking scene leading to potential spin-off of maritime based activity on the Liffey based mostly on moored craft.

On a related note to London's River Thames is where MBNA Thames Clippers (see newbuild orders) is operated by one of the UK's largest credit card issuers, MBNA.

Jehan Ashmore

About The Author

Jehan Ashmore

Email The Author

Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

Featured Sailing School

INSS sidebutton

Featured Clubs

DBSC
Howth Yacht Club
Kinsale Yacht Club
National Yacht Club
Royal Cork Yacht Club
Royal Irish Yacht club

Featured Brokers

mgm sidebutton

Featured Associations

ISA sidebutton
ICRA
isora sidebutton

Featured Events

corkweek sidebutton
tokyo sidebutton
roundireland sidebutton
wave regatta
sovscup sidebutton

Featured Chandleries

CHMarine Afloat logo
viking sidebutton

Featured Sailmakers

northsails sidebutton
uksails sidebutton

Featured Marinas

dlmarina sidebutton

Featured Blogs

W M Nixon - Sailing on Saturday
podcast sidebutton
BSB sidebutton
sellingboat sidebutton

Please show your support for Afloat by donating