CLEAN : Lloyd's had to open Europe office following Brexit: CEO

The transcript discusses the challenges faced by the insurance sector, particularly in light of Brexit. It explains the decision to set up an EU subsidiary to mitigate the impact on 5% of global revenues. The location choice was difficult due to many suitable countries. Despite these changes, Lloyds plans to maintain its core operations in London, with minimal role transfers. The aim is to ensure seamless business continuity, offering the same insurance services to EU customers through legal and regulatory adjustments.

What was the primary reason for setting up an EU subsidiary?

• To increase global revenues

• To reduce operational costs

• To continue providing insurance in the EU post-Brexit

• To expand into new markets

What made the decision of the EU subsidiary's location difficult?

• High operational costs

• Lack of suitable countries

• Political instability

• Many countries met the desired criteria

How many people are expected to be needed in Brussels for the EU subsidiary?

• 30 to 40

• 5 to 10

• 20 to 30

• 10 to 20

What is the intended total number of employees for the EU subsidiary?

• 30

• 40

• 50

• 60

What is the main goal of the operational changes being implemented?

• To expand into new markets

• To increase profits

• To make business with Lloyds easier

• To reduce employee numbers