#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.