Magazine date:
Mar 2017 A study of the Financial Markets Group has estimated to 4 billion GBP (5 billion USD), the annual losses, caused by the Brexit to the reinsurance sector which represents 20% of the City's revenues.
Nearly 600 insurers and reinsurers operate on the London market, employing 325 000 people. The loss of the European passport has obliged Lloyd's, who generates about 11% of the market turnover, to create a subsidiary in Continental Europe.
Belgium and Luxembourg are among the targeted destinations. At least ten other London insurers and reinsurers have announced similar relocations plans.
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