Lloyd’s of London are considering plans to set up a subsidiary in the EU as Brexit could damage the insurance market. Speaking to the BBC, chief executive Inga Beale, called Brexit “a major issue for us to deal with” and estimated that Lloyd’s may lose 4% of its revenue from the loss of passporting rights to trade in the EU. Setting up a EU wide subsidiary is a cheaper more efficient option for the firm than placing offices in every country. Any move could lead to a reorganisation of roles and positions at the firm. The news comes as Lloyd’s reported a rise in pre-tax profits for the past 6 months over the second half of 2015.

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